The big issue for people who buy tickets to concerts and sporting events is counterfeiting. Anytime a person buys a ticket in the secondary market, the threat is always there. Blockchain technology provided an ideal tool for adding the end-to-end transparency and security that was sorely lacking in the ticketing business.
The founders realized their vision when they engaged IBM Business Partner Chateaux Software Development Inc., an IBM Blockchain partner, to build a ticketing system on the IBM Blockchain Platform, powered by the Linux Foundation’s Hyperledger Fabric.
The ticketing solution performs two fundamental—and critical—functions. First, it creates and preserves ticket provenance by identifying all buyers and sellers, ensuring that both the tickets and the people buying them are legitimate. Second, the ticketing platform serves as an immutable ledger, allowing artists, venues, promoters and fans to track a ticket through each stage of its lifecycle, from creation to its use at an event.