RATE Group | This “bitcoin of ticketing” system may put an end to ticket touts
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This “bitcoin of ticketing” system may put an end to ticket touts

06 May This “bitcoin of ticketing” system may put an end to ticket touts

Posted at 12:57h in Bitcoin News by

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Two graduates from Imperial College London think their new tech will eliminate ticket fraud

A new ticketing system could put an end to ticket touts and huge re-sale prices.

Two graduates from Imperial College London – Annika Monari, 25, and Alan Vey, 24 – have created a “bitcoin of ticketing” system with hopes of erasing the problem.

Using cryptocurrency, the software, called Aventus Protocol, uses blockchain technology that would allow event organisers to give each ticket a unique identity that is tied to its owner.

The blockchain technology can track where each new one contains an encrypted version of the previous one, meaning tickets can’t be faked. It also allows organisers to keep tabs on the price of each ticket, if they are resold.

The first test for the new software will be during the 2018 World Cup, with 10,000 tickets being sold to fan events around Europe and the US. Monari and Vey also plan to work with football clubs for the sale of season tickets in…

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