Citizen Ticket has launched a new ticket delivery system called BitTicket, becoming the first digital events ticket on the blockchain for public events.
By utilizing Ethereum Classic, it is hoped that Citizen Ticket can resolve many of the unethical problems that plague the event ticketing market such as ticket touts, ticket hoarding by secondary ticket websites and counterfeiters.
Citizen Ticket has already undertaken its first event using the blockchain technology to issue tickets at the Scottish Street Food Awards in Edinburgh, which took place on 12 May.
When it comes to the ticket industry there are two ticket websites: the primary ticket website and a secondary ticket resell website.
According to Citizen Ticket, the main purpose of the secondary ticket website is to enable the market leader to hold a number of tickets from their primary ticket website so that they can then sell those tickets for higher prices on their secondary website, under the guise that this is a platform that has been designed to allow fans to resell tickets.
Marcus Mumford from Mumford & Sons, said:
Getting onstage is the best thing about being a musician, seeing your audience get ripped off is undoubtedly the worst. It’s hard to ensure that true fans have the best opportunity of getting into shows, at the right price, but are often powerless when faced with organized industrial-scale ticket touting.
When a BitTicket has been created by an event organizer, a smart contract is created which sets the rules for the ticket.
Once the rules have been set they are fixed in place, ensuring that no ticket tout or secondary ticket website can withhold tickets to then charge them at higher prices.
We all remember the decentralized autonomous organization (DAO) hack in 2016. Prior to the hack, the DAO was a notable project of Ethereum, which had managed to raise $150 million in ether during a public crowdsale.
Held online, anyone had the option to take part in the crowdsale, upon which they would receive tokens based on the money they had invested into the DAO. These tokens then gave them the right to vote and help decide on how the money raised should be used.
During this period, though, the DAO was hacked, which saw the theft of $60 million of ether.
What followed saw a split between the Ethereum community which saw the introduction of Ethereum Classic.
Interestingly, enough, while Ethereum Classic appears to be the newest of the two factions, it is in fact the one that still functions with the old version of the blockchain; however, the funds that people lost in the DAO hack were lost with this version. Ethereum itself created an entirely new blockchain, moving its funds to a new address.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:48 AM UTC