New project might be the answer to event ticket reselling rip-offs

Fed up of paying over the odds for second-hand concert tickets? There may be an answer…

by Manoj Sharma for CNR

The event industry is divided into two segments: the primary and the secondary market. The primary market includes event organizers who control the price of the tickets, revenue sharing model, mode of distribution and such like. Then there’s the secondary market includes ticket resellers who buy tickets from the primary market at a rate formulated on the whims of the ticketholders.

Most of the frauds take place in secondary market as it is highly unregulated (and it’s increasingly to the frustration of the artists whose tickets are build sold). Selling the same ticket to multiple customers, exorbitant pricing, cases of counterfeiting are a few common issues faced by the costumers while buying tickets from this market. And organizers have little to any control over it.

The current event ticketing system is broken, but might the fix be found in blockchain technology? UTIX is a platform that certainly thinks so.

UTIX is a decentralized, online event ticketing and hosting platform that utilises blockchain technology and smart contracts to provide organizers with control over the secondary market. Coordinators and costumers can sell and buy tickets using cryptographic signature stored on a blockchain ledger that cannot be altered or destroyed.

The UTIX solution uses its own protocol to lend tokens to event coordinators for distribution of tickets during the sales process. By using the smart contracts of  the UTIX platform on the Ethereum blockchain, facilitators can minimize the cost of distribution, reduce the complication and avoid the cases of frauds.

In addition, event coordinators can set the maximum resale value of the tickets, which can only be resold via the UTIX platform, thus gaining control over the secondary market. The days of rip-off prices may yet have an end…

Image: BigStock