THE CREATORS of blockchain technology platform Aventus Protocol (AP) believe they could provide the solution to the ticketing industry’s touting “scourge”.
AP enables the rights holder of a ticket, usually the promoter, to define a set of rules, including the price and whether it can be resold, which venues, primary and resale sites must adhere to.
As tickets are based on blockchain, a linked list of records where each new one contains an encrypted version of the previous one, used in cryptocurrencies such as Bitcoin, they cannot be copied.
“The potential for this to enhance the current standards of expectation for ticketing are huge,” says Annika Monari, who founded AP with Alan Vey, while the pair were at Imperial College London.
“We want to be complimentary to the market and provide the infrastructure needed. The ultimate goal is to work with the likes of Ticketmaster, AEG and AXS to give better tools to control inventory,” Vey tells LIVE UK.
Founded last year, AP was funded by selling cryptocurrency – raising the equivalent of £26 million.
“We have some very interesting music related announcements, including selling tickets for a major international artiste’s tour, but can’t say anymore at the moment,” says Monari.