Blockchain ticketing solutions provider Aventus has hired Babashola King as its new blockchain backend developer.

King previously worked within the financial technology industry and spent 10 years with Leo Fund Managers building proprietary portfolio management systems.

King said: “Aventus group as a whole is paying attention to the advancement of the generic open source availability and progression. The thought process is cantered around improvement and simplification of the available standards around Ethereum blockchain.

“Their knowledge around the ticketing process seems so vast and continuously reviewed with view to improvement and security.”

Aventus aims to control the entire lifecycle of a ticket in a modular and flexible manner with its open source blockchain-based system.

Dubbed “the Bitcoin of ticketing,” Aventus wants to prevent unregulated touting and counterfeit tickets.

The London-based firm enables secure transfer and resale of tickets with built-in inflation caps that aims to eliminate fraud and ensure that the final user can be identified.

The company boldly claims that its technology “effectively ends the ability for ticket touters to continue in business”.

Aventus’ proprietary blockchain-based protocol plugs into existing ticketing applications and websites, and claims to reduce costs by up to 90 per cent.

The firm is also building tools for analysing large amounts of consumer data to provide ongoing or campaign-based insight and reporting for ticketing companies and promoters.

Aventus’ currency is now listed on its first major exchange, Bitfinex. The Aventus Protocol Foundation recently raised $20m (£15.2m/€17m) in an initial coin offering (ICO), which closed in just seven minutes.

A statement issued by Bitfinex said AVT will be available against the pairs USD, BTC & ETH.

Meet the Aventus team at TheTicketingBusiness Forum in Manchester on April 17-18.