Cointelegraph reports on moves by Ticketmaster to incorporate blockchain technology into its toolkit to address ticketing fraud and ‘scalping’, with the acquisition of ‘blockchain-focused’ live events firm Upgraded.
Through Upgraded, Ticketmaster will digitise traditional tickets and record their encrypted barcodes onto a blockchain ledger.
The CEO and founder of Upgraded is excited that the deal will see Upgraded ‘promote blockchain technology to millions of fans’.
The acquisition of a blockchain ticketing technology sits alongside other measures that Ticketmaster is taking to address problems of ticket fraud and scalping, such as facial identity.
The moves come in the wake of allegations that Ticketmaster allowed fake accounts to bypass multiple-ticket restrictions in order to sell tickets in volume in the secondary market, says Cointelegraph.
Upgraded Tickets: Short demo
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I am just not clear how this move solves one of the primary problems experienced by the consumer when it comes to concert tickets: the likelihood that for most ‘gigs’ you will end up buying tickets in the secondary market, and paying a premium over the launch price.
The article refers to Ticketmaster’s own claim that 60% of tickets get swept up by automated ‘bots’ which somehow manage to get around its limits on multi-ticket sales. We’re not sure how blockchain solves that particular problem.
As for fraud – the sale of duplicate tickets, or fake tickets for seats that have already been sold via official channels? Even here its not clear to me how blockchain solves the problem – encrypting a ‘traditional’ ticket barcode onto a blockchain does not stop unscrupulous touts from copying or faking tickets and selling them to unsuspecting fans.
To conclude: I remain Sceptical!
What do you think?
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