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Are you a concert or event goer? Ever had issues with the ticketing process or seen ticket scalpers outside the gates? I certainly have. For many years, consumers, artists and venues have endured problems with ticketing, including fraudulent tickets and ticket scalping. However, one company has set out to change the status quo. Using blockchain technology, True Tickets created an end-to-end ticketing platform that tracks the lifetime of a ticket from creation through its exchange for admission into an event.
Leveraging True Tickets’ revolutionary platform, we (the fans) are connected directly with verified ticket vendors, allowing artists and venues to identify true fans, rather than scalpers. With this advanced ticketing solution, built on the IBM Blockchain Platform, True Tickets accomplishes their mission of providing artists and venues with lower fees, ticket ownership transparency, and a more authentic connection with their fans. As an avid concert goer, I am very excited about this ticketing solution built with blockchain, and I hope you are too.
To learn more, Jerry Cuomo, VP of Blockchain Technology at IBM, sat down with the co-founders of True Tickets, CEO Matt Zarracina and CTO David Piskovich, to find out firsthand what makes their company so innovative. Below are some highlights of the questions and answers which came out of the roundtable discussion:
What is problem you’re trying to solve with True Tickets?
True Tickets is addressing many problems including fraudulent tickets and scalping that is prevalent today. Beyond these issues, we are adding value in the form of ticket controls, analytics — identifying who is the “True Fan” — and remuneration for content creators.
How does True Tickets digital ticketing prevent ticket scalping?
With transactions conducted through the blockchain platform the 3rd party handoff risk is eliminated, thereby driving users to use the platform. It doesn’t prevent scalping, however, agreements outside of the platform re-introduce the risk (for example, when exactly does the scalper send the asset to the buyer) and the theory is that this risk would dis-incent scalping.
Why did you decide to work with IBM and Hyperledger Fabric?
Numerous reasons. First, Hyperledger Fabric is open, and many companies are contributing to this allowing blockchain to get to enterprise level. Secondly, the IBM Blockchain Platform allowed the team to focus on the value of ticketing, where we could just lift and pick up capabilities already there for us. Thirdly, having the level of support from IBM has come out as something key to getting solutions to success.
What type of help did you receive from IBM?
There are many options from IBM — you can use a garage to understand blockchain and build out your first proof of concepts. In addition, you can get services to kick start or get that additional help. Or you can try on your own and use the IBM Blockchain Platform and, once you pay, can start getting support through their support team.
Were there stumbling blocks to implementation?
Thinking through the architecture is much more challenging than one might realize. Blockchain is not plug and play, it is almost always bespoke.
For True Tickets, can Hyperledger Fabric integrate with every database?
There needs to be a ledger, and there needs to be a database concept. Currently the ledger is supported with Level DB and CouchDB, but you could donate and utilize other databases as plugins for Hyperledger Fabric.
True Tickets has truly created a revolutionary platform and business model that is fundamentally changing the ticketing experience through trust, transparency and authenticity, providing a better engagement between artist and fan — all made possible with the IBM Blockchain Platform. I am looking forward to engaging with True Tickets to purchase my tickets for upcoming events.
Be sure to read this article from Jerry Cuomo to gain a deeper understanding of creating a blockchain network.
Also, watch the full webinar recording to learn more about True Tickets and how they leveraged blockchain technology to create an innovative solution that is disrupting the industry.
There are more live blockchain webinars to come in the series, so sign up today!