Tickets to music concerts, sport events and many other things are forged. counterfeited and touted so as to an expensive un-natural price.
However now two British graduates have a new solution using the blockchain so as to counter this rampant counterfeiting and resale profiteering.
The blockchain technology would allow event organisers to give each ticket a unique identity that is tied to its owner.
Because the tickets are based on blockchain – a linked list of records where each new one contains an encrypted version of the previous one – they cannot be faked.
The software also allows event promoters to keep an easy record of who owns the ticket, which means they can control the prices.
Anyone who has ever attended, hosted, or produced a live entertainment event has been affected by counterfeit tickets or extortionate resale prices.
Using blockchain could bring a refreshing solution that could end fraudulent activity and ticket touting once and for all.