The Shubert Organization, Broadway’s biggest ticket operator has unveiled that it would integrate a blockchain solution to fight scams. The firm noted that this integration would come in an upcoming pilot that aims to combat ticket fraud. A report unveiled this news on October 16.
Per the publication, the firm joined hands with a Boston-based startup dubbed True Tickets via its Telecharge and Shubert Ticketing division.
According to the report by Fast Company, True Tickets offers a mobile ticketing solution that runs on IBM’s blockchain platform. True Tickets is reportedly one of the firms that took part in the Broadway Tech Accelerator (BTA) this summer. This partnership will see The Shubert Organization incorporate the startup’s digital ticketing service into its ticket sales business. This includes Telecharge.com and its group discounts service, Broadway Inbound.
Using the Blockchain to Fight Ticket Fraud
Per the publication, this pilot is set to begin in the coming year. While the details of the partnership are not very clear, both firms hope the pilot would minimize the risk of fraud. Also, the firms hope that it would help buyers get a guarantee that the tickets they have bought through the service are valid.
Matt Zarracina, True Tickets’ CEO said,
At the end of the day, we aim to help our clients develop more meaningful relationships with their patrons. This pilot affords us the opportunity to do exactly that in a massive multichannel marketplace.
According to Fast Company, Broadway, like most firms in the entertainment sector suffers numerous ticket scams. These include the resale of fake or duplicate tickets. As such, parties involved hope the blockchain can help restore transparency for businesses and consumers.
While this initiative is bullish news for the blockchain sector, The Shubert Organization and True Ticket are not the first firms to use the blockchain to fight ticket fraud. Blockparty, a New York-based startup has been using the blockchain to sell concert and event tickets since at least last year. The firm noted that this move enabled it to transact 400 tickets per second on the Ethereum blockchain. This figure doubles the number of transactions that PayPal can handle within the same timeframe.
This news comes after a report revealed that Ticketmaster, a global ticketing firm had bought Upgraded, a blockchain-focused live events firm. Per the publication, Ticketmaster sought to use the blockchain to increase transparency and ensure better control in ticket distribution. On top of this, the firm hoped to protect its clients against ticket fraud, which had plagued its system.
Do you think the incorporation of the blockchain in the ticketing sector can curb ticket fraud fully? Let us know in the comments below.