Tickets for German quartet KRAFTWERK’s February show in Moscow are being sold on a blockchain platform.
Tickets Cloud, which has developed the crypto-tickets blockchain platform, has reached an agreement with the Russian concert agency TCI to offer tickets for the big entertainment event for the first time using a distributed ledger.
Blockchain tickets can be purchased at www.kraftwerk2018.ru by selecting the “cryptoticket” option.
The Tickets Wallet app must also be downloaded with information about ticket purchases available in the app.
Admission will be controlled by “tearing a stub” right on the user’s mobile device, eliminating the need to scan tickets. Crypto.tickets is built on the Ethereum blockchain platform.
More than 20 per cent of tickets to Moscow’s most popular theatres are sold to the secondary market, where the risks of buying fake tickets multiplies. Blockchain in the concert industry will reportedly minimise scalping, fraud and counterfeiting.
Blockchain technologies provide concert-goers with the certainty that a ticket is truly theirs with all transactions “saved” in a distributed ledger.
A ticket can also be earmarked as a gift, resold, or returned, with the ticket’s history (path) being recorded, as well as information about all of its owners.
“First, we had the paper ticket, then electronic, and now we are moving to crypto-tickets. KRAFTWERK became pioneers of an entire stratum of modern culture, and selling crypto-tickets to their concerts is a symbolic event,” said Egor Egerev, founder of Tickets Cloud and the crypto-tickets blockchain platform.
Nikolay Sinitsin, the financial director at TCI, added: “Technologies do not stand still, and the emergence of crypto-tickets solves the most pressing problems in the industry: counterfeits, fraud, and scalping. TCI always tries to be ‘stay informed’ and is pleased to master new technologies that will help us and spectators feel safe and keep pace with the 21st century.”
Image: Andriy Makukah