TicketChain is a ticketing platform that leverages Blockchain in order to control touting and eliminate fraud in the secondary ticketing market. TicketChain formed in November 2016 and is currently participating in the Launchbox Accelerator at Trinity College Dublin.
There are three main problems associated with the ticketing industry:
Fraud: According to the National Fraud Agency in the UK, 1 in 12 people have experienced some kind of ticket fraud. This comes in the form of either the same ticket being resold multiple times, or people being sold counterfeit tickets online.
Touting: Currently over 60% of tickets for high profile events are bought by advanced touting software and immediately posted on secondary market websites for inflated prices.
Secondary market revenue: Currently the secondary market providers such as Seatwave, Stubhub etc generate huge amounts of revenue by taking commissions of 10-25% on every sale and none of this revenue makes it back to the promoters/artists.
TicketChain is a white-label B2B ticket marketplace that allows promoters and artists to control their own primary and secondary ticket markets enabled by a new crypto technology called Blockchain. By leveraging this technology TicketChain enables the secure transfer of tickets from issuer to consumer and then from person to person. This approach provides various benefits for Promoters/ Artists:
The platform allows promoters/artists to charge a fee every time a ticket is resold, thus allowing them to capture a share of the secondary market revenue, which they cannot do today
The promoter/artist decides how much of a mark-up each participant in the sales chain can make. Through this mechanism, the Promoter/artist can have far greater control and limit the extent and margins from touting. E.g. the maximum price the ticket might be allowed trade for in a secondary market could be +10% of the face value (and the Promoter and the artist will get their cut of the second sale)
· The system we have built means that we can guarantee the validity and ownership of each ticket, thus ensuring that the venue needn’t worry about duplicated tickets, or the identity of the owner and,
· The platform tracks the journey of tickets through each owner, and thus provides accurate analytics on who is exchanging tickets and crucially gives the promoter and the artist an accurate description of the individuals who attend the final event.
From the perspective of the fans, this platform enables them to be protected both from the angle of only being able purchase valid tickets and also not being victim to massive price inflation in secondary markets.
So far TicketChain has won the world’s largest blockchain hackathon in November 2016, achieved 2nd place in the Trinity Entrepreneurial Society Dragons Den and was accepted into the 2017 Launchbox Accelerator program.
Jake MccGwire- firstname.lastname@example.org
Zach Diebold- email@example.com
Kevin Murray- firstname.lastname@example.org
TicketChain Media Links