Secondary ticketing within the UK is a billion-dollar downside, one which Aventus hopes to resolve with blockchain expertise.
Whether or not it’s your favourite soccer match or your music idol’s live performance, front-row tickets are most likely what you’re after. Nevertheless, in the event that they occur to be bought out by the point you possibly can afford them, you could be tempted to buy these tickets from unscrupulous secondary events.
Put together to be met with counterfeit tickets and sky-high costs. In accordance with The Guardian, secondary tickets for exhibits for giant artists, equivalent to Adele, can fetch as much as $12,000. Stopping these so-called ticket touts appears to be a decades-old concern, however one thing that blockchain expertise may resolve.
Blockchain to the Rescue
Annika Monari and Alan Vey, who’re the founders of Aventus, could have the chance to check this concept on the upcoming FIFA World Cup in Russia. Their blockchain-based program might be used for greater than 10,000 tickets to fan occasions within the US and Europe.
By utilizing blockchain expertise, the data for every ticket might be immutable and due to this fact protected in opposition to counterfeiting. Basically, every ticket might be linked to its proprietor, which can fight fraud.
By doing this, Monari and Vey, who each have levels in Synthetic Intelligence and Particle Physics, have mentioned that Aventus will “nearly eradicate ticketing fraud and the scourge of unregulated touting”.
A New Answer for an Outdated Drawback
The Aventus founders mentioned their pleasure at working in direction of an answer for this downside:
“It has been a tremendous journey. We used to take a seat on this frequent room having coffees and worrying about our coursework. However now, hopefully, we would be the individuals who can resolve the issues within the ticketing business. That might really feel unbelievable and be such an enormous achievement for us.”
The platform’s ICO in September final 12 months bought out in simply seven minutes, elevating a complete of simply over $35 million.
Professor Mike Waterson from Warwick College acted as a technical advisor to Monari and Vey. He had this to say: