There are many issues that plague events especially when events involve tickets and passes. One of the common issues with tickets is when scalpers, hoarders and touts are present.
With the issues mentioned, the event ticketing market cannot hold off the purchasing of tickets, which often results in high price tickets and ruins the face value of some events. The events sometimes flop due to the unavailability of tickets due to them being hoarded or the prices of tickets being too high to purchase.
Citizen Ticket claims to have finally found a way to resolve aforementioned issues by launching a ticket delivery system called “BitTicket,” where event tickets are available for everyone, fair and square. It uses Blockchain technology to issue tickets for public events and aims to resolve the reselling of tickets to secondary websites and, therefore, prevents the prices of tickets soaring.
On the platform, an organizer can create smart contracts and rules in every ticket to avoid ticket hoarding. Blockchain technology helps track the ticket sold per person according to the rules set by the organizer. Once the tickets are sold, it cannot be resold by any third party.
Besides, tickets will be invalidated once an account is believed to be a ticket tout.
Way back in 2016, the Decentralized Autonomous Organization (DAO) was a project of Ethereum which raised $150 mln during the crowdsale, however, it was hacked and the thief(s) took $60 mln of what was raised.
Such an unfortunate event split the Ethereum community which led to the introduction of Ethereum Classic. Commonly known as ETC, it is a distributed computing platform featuring smart contract functionality that executes scripts using an international network of public nodes. With Etherium Classic, funds are moved to a new address which prevents spam on the network and allocates resources proportionally.
Ticketing is just one of the many industries taking advantage of Blockchain technology to disrupt their respective sectors. Various industries have been using Blockchain to solve common issues brought by manual and redundant processes easily optimized through Blockchain. Other industries include healthcare, government, Fintech, among others.
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