Blockchain. Decentralized. ICO. “Buzz” words, employed by most blockchain startups. But if we look beyond the hype, are blockchains really fit for business?
The answer, at least for the event ticketing industry was - Yes. Then - it was no. And then, it was back to - Yes!
Back in 2013 the team behind BitTicket decided to create Citizen Ticket, the first ever avowedly ethical event ticketing platform. Their aim was to put an end to ticket-touts and counterfeit tickets. But how to go about it? After much research and deliberation, the transparency and immutability of Blockchain became the only credible solution.
By early 2017, BitTicket had tied to the Ethereum Classic (ETC) cryptocurrency to deliver secure event tickets for well over 100 events. But, for all it’s security and transparency, Blockchain technology has its own unique set of problems. Due to the inherent time lag in cryptocurrency based Blockchain transactions, tickets cannot be delivered immediately, plus, the volatile nature of a Blockchain tied to a cryptocurrency, means the costs of running a Blockchain based business can be nerve-wrackingly unpredictable.
BitTicket was the obvious solution to a global problem, but not in its current state! BitTicket was locked within Citizen Ticket and given the unlikelihood of the entire event industry selling their tickets via Citizen Ticket, it was clear BitTicket would be unable to fix the problem it had set out to solve.
The ticketing industry also presented a second barrier. The hold that the large ticketing platforms currently have over the industry goes well beyond controlling the sale of events ticket. They own the venues and infrastructure that artistes rely on to sell out their events.
The BitTicket team decided any realistic, new solution had to work with, rather than against, the industry and be accessible to every event and ticketing platform. First, they decoupled their Blockchain technology from within Citizen Ticket. Second, they set about creating their very own dedicated BitTicket Blockchain, free from the limitations of a decentralized cryptocurrency Blockchain.
Over the following months, BitTicket transformed itself into a System as a Service (SaaS). Effectively, any ticketing provider can now become a “minter” and write to the blockchain, or use a public RESTful API to make development and integration much faster. In other words, by using the BitTicket (BaaS) Blockchain, they can secure their own tickets on a Blockchain.
Unlike cryptocurrency based Blockchains, The BitTicket Blockchain does not disrupt the ticket purchase journey from the ticketing platform to the customer. Moreover, because it is not linked to a cryptocurrency it can deliver tickets instantly, thereby achieving an entirely fit for purpose Blockchain for the event ticketing industry.
In Feb 2018 BitTicket launched and partnered with TheTicketSellers
TheTicketSellers have sold over 2 million tickets and will now be the UK's first large scale ticketing platform to implement real world blockchain technology to protect their customers and clients. Their festival clients include Boomtown Fair, Shambala and Nozstock: The Hidden Valley.
Benefits of BitTicket
BitTicket For Fans
- BitTicket provides a one wallet QR code that holds all your tickets securely, no matter where or from whom they were bought
- Built-in protection against industrial scale ticket touts and purchasing bots
- Transfer your tickets between friends & family securely Your ticket authenticity is absolutely guaranteed by the Blockchain
BitTicket For Ticketing Providers
- Track every ticket from sale to entry, including aftermarket transfers
- Communicate with attendees, not just the original ticket purchasers
- Control who can sell tickets and attend your events using Smart Contracts
If your a event organiser, artist or fan please sign our petition to persuade more ticketing platforms to implement BitTicket to secure your tickets - https://www.bitticket.io/letter.php
If you’re a ticketing provider and are interested in implementing BitTicket contact us at email@example.com