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Citizen Ticket launches blockchain-based ticket delivery system ‘BitTicket’
U.K.-based blockchain ticketing platform Citizen Ticket announced that it has launched a new ticket delivery system ‘BitTicket’, which is the first digital events ticket on the blockchain, for public events.
The announcement stated that BitTicket uses the cryptocurrency Ethereum Classic. With unique features like safety, security and transparency, blockchain it serves as the ideal technology in order to deal with the unethical practices that plague the event ticketing industry that includes ticket touts, ticket hording by secondary ticket websites and counterfeiters.
When a ticket is sold online, the market leader owns a primary ticket website and a secondary resell one. This secondary ticket website allows the market leader to hoard event tickets from their primary ticket website, then charge highly inflated prices for the tickets on their secondary website, under the pretense of being a platform created to allow fans to resell tickets.
In order to curb this, Citizen Ticket has created anti-fraud sales rules in order to make sure that no ticket sold online is tout, scalper. If an event organizer creates a BitTicket, a smart contract is automatically created that sets the rules for the ticket, the release stated.
“Citizen Ticket controls the environment that BiTicket’s are traded within, if the rules are broken the fraudulent accounts will be frozen and tickets made invalid. All this is done transparently, once and for all dealing with the unethical practices that plaque the event ticketing market,” it stated.
The first event to publicly use blockchain was Scottish Street Food Awards in Edinburgh, held on 12 May 2017. BitTicket for the event sold fast and marked the beginning of blockchain technology being used by Citizen Ticket to benefit event goers and event organizers.