Blockchain Ticketing Firm Purchased by Ticketmaster
It seems Ticketmaster is embracing blockchain technology by buying Upgraded, a firm that produces tickets for live events using the digital currency Ethereum. The tickets are authenticated by transforming them to digital funds that are secured by blockchain tech. Barcodes for tickets are encoded and added to the blockchain, allowing event planners to maintain and monitor the distribution of tickets and also prevent fraud.
Purchase of New Tech
Justin Burleigh, the CPO at Ticketmaster in North America, expressed how the company is always on the lookout for new technologies, and that there are few technologies available today with as much unique potential as blockchain. Having Upgraded join them is an exciting addition to their team and will help the company continue to provide one of the world’s best ticketing networks to all of their customers. The collaboration will indeed help the firm maintain its progress and improve upon it to make the ticketing experience that much safer and simpler for customers.
The Upgraded app will be a perfect fit to Ticketmaster’s new batch of products lined up to enhance the experience of live events, including a tool for facial recognition, a platform to access venues and have fans engage more, and also a new product for the creators of the event that will help them identify and sell directly to fans.
Chief Executive Officer of Upgraded, Sandy Khaund, said that Ticketmaster is no doubt the top ticketing platform for live events and that this is a great opportunity to combine the one-of-a-kind promise of blockchain for millions of people to enjoy. Upgraded takes advantage of the blockchain technology in order to have ticket-holders trust the process more, give owners of content control as well as flexibility, and provide data to the performers. He said the company is proud of what has been accomplished so far and is excited about the future with Ticketmaster that will help them scale more.