Ticketmaster, the most globally recognized company in events ticketing, has given into the hype and bought a startup specializing in blockchain-based ticketing solutions.
Announced today, Ticketmaster now owns Upgraded Inc., an American software firm responsible for creating a nifty smartphone app that authenticates event tickets using Ethereum technology.
Essentially, Upgraded generates dynamic barcodes powered by smart contracts, which venues and ticket-holders can scan to ensure they don’t fall victim to scalpers and other fraudsters.
According to the release, Ticketmaster believes Upgraded’s app will fit perfectly into its new suite of live event products, which includes a facial recognition tool and software that aims to increase the efficiency of the event marketing industry.
The idea is absolutely sound – in fact, in an earlier, more innocent time in blockchain history – TNW actually reported on how blockchain tech might help curb the ever-increasing instances of ticketing related fraud around the world.
My only concern is the little amount of details available of the specific technical capabilities of Upgraded’s app. Hard Fork has reached out to Ticketmaster for more details of how it will implement Upgraded’s system.
If Ticketmaster are truly intent on incorporating its authentication system built on smart contracts, it simply has to be prepared to struggle with scaling the system to properly handle the sheer volume of tickets it will need to dynamically track.
Remember, most companies are struggling to scale with their blockchain solutions. Odds are Ticketmaster will be no different.