Ticketmaster, one of the leading companies that deal with sales of tickets for popular events all across the world, has decided to buy Upgraded, a blockchain that is known for its system of putting tickets on the blockchain and tokenizing them to make them unique. They hope to adopt this same system for neutralizing ticket fraud.
TicketMaster And Its Problems
TicketMaster decided to acquire Upgraded with the hope of fixing a great problem that has affected them and the whole ticket vending industry since its humble beginnings: Ticket Fraud. Ticket fraud is a big problem for entertainers, for arenas and for third-party vendors like Ticketmaster.
The industry of entertainment loses a lot of money every year for this cause; while it is difficult to find statistics for this type of fraud online, mainly because users are not motivated to report it. But according to AARP, more than 5 million fake tickets are being sold every year.
This does not only creates an economic problem due to the funds for acquiring tickets being lost by the customer, but also a trust issue that hurts sales of real tickets due to fears of being scammed. So Ticketmaster has decided to deal with this problem directly.
Upgraded And Its Blockchain Formula
For this, it has decided to acquire Upgraded. It is a blockchain startup that is a pioneer in the business of getting these tickets to a blockchain, efficiently tokenizing them. With a system like this, every ticket sold is registered in a blockchain and cannot be emitted twice, just like a bitcoin.
The software that Upgraded uses is based on Ethereum, a cryptocurrency known by its repeated use in ICO projects and decentralized apps. This is the tech that secures the ticket authenticity and that gives users the ease of mind that their tickets are genuine.
Sandy Khaund, the founder and CEO of Upgraded, declared that they wanted to be the Intel of Ticket industry, not wanting to replace any of the big players like Stubhub or the same TicketMaster. They wanted to provide the right tools to act against ticket fraud in an efficient way while collecting a cut from their earnings and savings.
But now, they have been purchased by TicketMaster, and its technology will be adopted into the sales program of this company. This move will make buying online tickets more secure than before and will let sellers recover interesting data about ticket sales with advertising purposes.
Maybe, in the next SuperBowl, you won’t be rejected on the entranced thanks to his new technology.