Citizen Ticket has announced the launch of BitTicket, a new events ticket supply platform powered by block chain.
The company said it hopes to challenge some of the major problems currently afflicting the ticketing market, such as touting and ticket hoarding by secondary ticket sites and counterfeiters.
The BitTicket platform uses Ethereum Classic, an open-source, public, blockchain-based distributed computing platform that was launched two years ago.
Citizen Ticket has already undertaken its first event using the blockchain technology to issue tickets at the Scottish Street Food Awards in Edinburgh, which took place earlier this month.
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BitTicket offers a primary and secondary ticketing site, with rules made by the former also respected and imposed by the latter. When a BitTicket has been made by an occasion organiser, a smart agreement is made which sets the rules for the ticket.
“Whatever the rules ‐ once they’re set, they’re set,” Citizen Ticket said in a statement. “Nobody can change them, and nobody can break them – the blockchain provides the trust. What’s more, they can’t be counterfeited, hoarded or oversold – once they’re gone, they’re gone.
“BitTickets can only be resold or traded via our system. We only allow one account per person. If we believe an account is being used by a ticket tout or secondary ticket website to hoard and resell tickets, we will freeze the account, invalidate the tickets and investigate the user.
“The BitTicket is truly yours. Although you must use our system to manage and trade your BitTickets, you are able to verify your ownership with a third party or with a little technical know-how.
“Buy your ticket just like any other. Turn up to the event with a print out of your QR bar code or show it on your phone, along with your ID.”