Former StubHub and Ticketbis executives have joined forces to launch a “fairer and more transparent” blockchain ticketing solution called Tracer.
The group have teamed up in an effort to tackle the industry-wide issue of touting via blockchain.
Tracer chief executive and former Ticketbis vice president Jorge Díaz told Ticket News that his goal for the new firm is to create a way for artists and promoters to have control over their tickets.
He said that there should be a way for both artists and promoters to participate in the secondary industry by having transparencies of the transactions. Diaz reportedly described the secondary industry as a “lucrative business.”
“I don’t believe that the secondary market companies are trying to fix that,” Díaz explained. “They’re only trying to leverage the inefficiency of the industry. We think we can distribute that money – 12 billion dollars that people are spending on secondary tickets every year – we can distribute that more efficiently, which is going to be less money, less costs for the fans, more money for the artists.”
“I think it’s time for a change. It’s time to change the distribution of power in the industry.”
While at Ticketbis, Diaz said he realised that “no one could block touts, but technologies like blockchain could.” When he learned about blockchain, he said he “knew that was going to be the way the secondary industry would change forever.”
Tracer’s Smart Ticket was recently used at The Cambridge Club festival in Cambridge, reportedly the first time that blockchain and a dynamic QR code was used at a major music festival. Díaz told Ticket News that 9,000 tickets were sold through Tracer.