Technology / 07.17.18
Tracer Hopes to Beat Ticket Scalpers With Blockchain-Based Concert Tickets
Original story published on VentureBeat (07/17/18) by Dean Takahashi
Tracer has rolled out a new blockchain-based “Smart Ticket” that deters scalpers from profiting from resales. Tracer uses the blockchain to allow artists and event promoters to track the ticket throughout its entire cycle, deciding whether it can be resold and where resale profits go. The company says the solution also makes new sales channels available, since transactions can occur everywhere and be settled in an automated fashion. The Smart Ticket also delivers a central dashboard to engage with ticket and fan data, no matter where the ticket has been sold or resold. The new tool was first used on June 17 at the Cambridge Club Festival in the U.K. to seamlessly issue and process 9,000 tickets on the blockchain. Tracer is initially targeting the European and Latin American markets, where the secondary ticketing industry is under heavier scrutiny than in the United States. Among the company's investors is Grammy-winning performer James Murphy, established record label executives, managers, music industry insiders and the Pillar venture capital outfit.
Read the full story on the VentureBeat website.
Tags: Reselling , News , Blockchain , Secondary Ticketing