Citizen Ticket launches its new ticket delivery system, BitTicket. The first digital event tickets on the blockchain for public events - utilizing the cryptocurrency Ethereum Classic.
Creating safe, secure and transparent transactions by design, blockchains are resistant to fraud and counterfeiting making it an ideal technology to deal with the unethical practices that plague the event ticketing market - including ticket touts, ticket hording by secondary ticket websites and counterfeiters.
For the unfamiliar, the blockchain is a digital publicly available database originally developed for Bitcoin that maintains a growing list of transactions secured from tampering and revision.
Blockchain tech is currently used by cryptocurrencies and a growing number of industries including banking and diamonds, but Citizen Ticket marks the first tech company to implement this technology to the event ticketing market for publicly held events to benefit the event goer and event organiser.
In the ticketing industry, the market leader owns, one a primary ticket website and one secondary ticket resell website. The core purpose of the secondary ticket website is to allow 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 pretence of being a platform created to allow fans to resell tickets.
A recent example of this problem would be the Robbie Williams gig at the O2 Arena London. The original tickets were sold on the market leaders primary website at £40 face value. 80% of these tickets were sold by their primary ticket website to their secondary ticket website. The secondary ticket website sold these tickets in excess of £300 each!
Major artist are now starting to voice their anger with the current situation.
"Getting onstage is the best thing about being a musician, seeing your audience get ripped off is undoubtedly the worst. It’s hard to ensure that true fans have the best opportunity of getting into shows, at the right price, but are often powerless when faced with organised industrial-scale ticket touting." - Marcus Mumford (Mumford & Sons)
Citizen Ticket has created anti-fraud sales rules to ensure that no ticket tout, scalper, or secondary ticket website can horde tickets to control the supply that allows them to charge hugely inflated prices.
When a BitTicket is created by an event organiser, a smart contract is automatically created that sets the rules for the ticket, once the rules of the ticket are set they are fixed.
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.
The first ever event to publicly use blockchain technology will be the upcoming Scottish Street Food Awards in Edinburgh on 12 May 2017.
Event attendees of the Scottish Street Food Awards will be able to drink eat and ultimately vote for Edinburgh's and Scotland's best street food outfits. The winners will have the chance to represent Scotland at the national awards in September!
BitTickets for this event have been selling fast, and these first BitTickets mark the beginning of blockchain technology being used by Citizen Ticket to benefit event goers and event organisers.
BitTicket is the secure, fair and ethical future of event tickets.
Find out more about BitTicket here - https://www.citizenticket.co.uk/bitticket/
Find out more about Citizen Ticket here - https://www.citizenticket.co.uk
BitTicket® is a registered trademark of Citizen Ticket Ltd. The BitTicket contract is Copyright © Citizen Ticket Ltd 2016 - present. BitTicket is powered by the ethereum classic blockchain.