YellowHeart, which has been set up as a socially responsible live event ticketing platform, has unveiled plans to launch a blockchain-based approach to tackle touting next year.
The announcement, which has been backed by artist/producer duo The Chainsmokers, said it will launch in the in second quarter of 2020.
The firm’s founder and chief executive Josh Katz said users should be able to sell tickets on any marketplace that works with YellowHeart’s smart contracts, but that it could take some time to bring partners on board and for those integrations to go live.
Katz said: “The plague of the scalping industry is something I’ve talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution.
“While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution. Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else.”
The YellowHeart platform is autonomous, fully decentralised and runs on a public blockchain, which enables artists and teams to identify, market and sell directly to their fans.
Artists can define a set of rules to govern how their tickets are sold, traded and who shares in the profits. Artists can set maximum resale prices, ensure tickets are distributed to genuine fans and elect to earn a share of tickets resold in YellowHeart’s secondary marketplace.
The operator said YellowHeart platform will not impact the traditional user experience – no additional steps or added layers will be applied to finding and purchasing tickets.
Adam Alpert, chief executive at Disruptor Records and The Chainsmokers’ Manager, added: “With The Chainsmokers, we’ve been outspoken about the issue of scalpers for years, and are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans.
“As we continue to build this platform, we are focused on the issues that matter to us and our peers across genres. As you would expect, we’ve received incredible support from others in the industry who plan on joining our mission over the coming year.”