New 'bitcoin of ticketing' system may finally outwit the touts
The scourge that is ticket touting could soon be a thing of the past.
That's thanks to Annika Monari and Alan Vey, two graduates from Imperial College London who have created a “bitcoin of ticketing” system they hope will finally eliminate the problem of fans from being fleeced by touts and secondary ticketing websites.
Using cryptocurrency, the software, called Aventus Protocol, uses blockchain technology that would allow event organisers to give each ticket a unique identity that is tied to its owner.
The blockchain technology tracks where each new ticket barcode contains an encrypted version of the previous one - meaning that tickets can’t be faked.
It also allows event organisers to keep an eye on the price of each ticket, if they are resold.
The first test for the new software will be during this summer’s World Cup in Russia, with 10,000 tickets being sold to fan events around Europe and the US.
The tech start-up also plan to work with UK football clubs for the sale of season tickets in 2019.
Professor Mike Waterson from Warwick University, who wrote a government report into the secondary ticket industry in 2016, was technical adviser to Monari and Vey. And he sees plenty potential in their smart ticketing system.
“Thinking through the market from a fresh perspective is very useful," he said. "If they get genuine buy-in from a wide enough range of people then it is going to have a big impact on the market.”
Veteran promoter Bernie Dillon said: “Anyone who has ever attended, hosted, or produced a live entertainment event has been affected by counterfeit tickets or extortionate resale prices.
"Aventus brings a refreshing solution that could end fraudulent activity and ticket touting once and for all.”