Citizen Ticket has successfully completed beta testing of its blockchain-powered events ticket supply platform BitTicket.
The platform has been in beta mode for a series of small to medium events in what Citizen Ticket describes a “vigorous” testing period. It said it is now ready to handle large-scale events of up to 100,000 attendees.
Citizen, which launched BitTicket earlier this year and claims that it is still the only event ticketing blockchain system currently in use at live events across the UK, said it is now looking to sign up a partner for its “first major project”.
Phil Shaw-Stewart, co-founder of Citizen Ticket, said: “Citizen Ticket was created to deal with the unethical problems that plague the event ticketing industry, including ticket touts, secondary sale ticket websites and ticket counterfeiting.
“The public and artists have spoken and they’ve had enough of being extorted and ripped off by unethical ticketing practises. Citizen Ticket’s mission is to provide an ethical alternative to buy and sell event tickets.”
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.
The blockchain technology is currently used by cryptocurrencies and a growing number of industries including banking and diamonds, due to its financial transparency, using a publicly distributed ledger which is impervious to fraud and counterfeiting.
The technology behind Citizen Ticket, BitTicket (Bt), is a digital asset created on the ethereum blockchain. Citizen said: “Think of them as genuine as a paper ticket but with even more advantages, with their laws guaranteed by the blockchain, laws such as batches of Bt once issued cannot be oversold; a single Bt can only have one owner; a Bt can only be securely transferred or resold to a new owner via Citizen Ticket; the customer is limited in how many Bt (of one event) they can hold; Bt cannot be copied or counterfeited; Citizen Ticket cannot change these laws once set, but can control the initial issuance and initial sale of the Bt.”
IMAGE: Dry 2