Sandy Khaund of Ticketmaster spoke about the value that smart contracts can deliver for the ticket industry. Billions of euros are spent in this industry.
Concert tickets are smart contracts
Khaund explained that ticket providers should consider treating tickets as smart contracts. This benefits scalability and integration with other service providers. He also says that this can tap into new sources of income.
“Our goal is to support 400 to 500 million tickets with smart contracts and blockchain technology.”
Blockchain helps growth
Earlier this year Ticketmaster announced that they had sold 73 million concert tickets. That is 4 million more tickets than the year before. According to Khaund, Ticketmaster is responsible for 475 million tickets per year.
“We want fans to get more value from their tickets, while ensuring that tickets end up in the right hands. Blockchain is the only technology that can do this by using smart contracts to further develop the ticket industry, “said Khaund.
What are smart contracts?
To understand smart contracts you don’t have to be very smart. These are contracts that perform themselves if certain conditions are met. These terms and conditions are agreed by both parties and processed in the code of the contract. This is then processed on a blockchain so that the contracts and their implementation are publicly recorded. How many details of the contract are publicly shared depends on the two parties. These are traceable and irreversible.
Build on your own work
Before Khaund worked at Ticketmaster, he had his own company called Upgraded. Upgraded developed smart contracts for blockchain applications and have since been taken over by Ticketmaster. Handy, because it is now possible to continue building on the developed blockchain. The intention is that tickets are digitized further into interactive units that work via coded barcodes. This should result in less fraud around tickets.
“Ticketmaster has technology that is almost 40 years old. The use of smart contracts on a blockchain creates a unique system for Ticketmaster by writing code for every ticket that we sell. We do this through a private blockchain to guarantee privacy and optimization around tickets. “
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