Ticketmaster Acquires Upgraded to Create Smart Tickets With Blockchain Technology
Ticketmaster is the biggest ticketing company in the world for all types of events, whether it is a concert, a magic show, or even Disney on Ice. They recently decided to get involved in blockchain technology in the form of a new acquisition of Upgraded, a live events firm.
The Live Nation division wants to apply the blockchain technology from the new partnership to the transparency of their business. More importantly, the blockchain technology will make it possible for tickets distribution should be controlled. Furthermore, with the honesty that blockchain technology offers, Ticketmaster holds that clients will not be a victim of fraud, which the current ticketing system is at risk for with the printed ticket options.
Upgraded helps Ticketmaster to make the traditionally printed tickets into digital ones. The barcodes are encrypted on the blockchain, ensuring that there are no risks for theft or fraud. In the press release, there’s going to be a solution available with the current hardware in place, rather than forcing every facility to install new machines to accept the digital tickets.
The CEO and founder of Upgraded, Sandy Khaund, commented that this combined effort between his firm and Ticketmaster is the “perfect platform” to introduce and advertise blockchain technology to “millions of fans.” The technology will be implemented with the Ticketmaster infrastructure with other efforts that they’re working to setup as well. These other initiatives include collaborative work between themselves and Presence, Verified Fan, and Blink Identity.
Ticketmaster was recently the subject of a lawsuit that accused them of “unfair business practice.” They based this accusation on how they were tolerating and even condoning the scalping of tickets for individual resale.
The policies for Ticketmaster specifically state that this type of sale is not allowed, so they were actually in violation of their own regulations. Furthermore, they have been accused of by passing the limits of multiple ticketed events, helping them to get mass sales for the secondary market. Apparently over half of the “hottest” tickets are actually purchased by automatic bots, promoting exactly what they have been accused of.
Along with the upgrades and the battles that Ticketmaster has dealt with, there have still been some victories. Coinbase decided to establish a cryptocurrency gift system in July, which means that customers are now able to use e-gift cards to make purchases through Ticketmaster, along with Google Play, Uber, and other companies.