Ending Ticket Scams On The Blockchain

The car is packed and the cooler is ready. Two hours of traffic whiz by because of the anticipation of finally seeing them in concert. The moment of truth comes as the security guard takes the $1000 ticket and scans it–a red light flashes on the scanning device as the security guard says, “Sorry, no can do. This ticket is invalid.” A highly anticipated, perfectly planned night–wasted.

The surge in online ticket exchange platforms has been met with rising numbers of scams and cases of fraud, so much so that the United States government has a web page devoted to them. Despite repeated attempts to educate the public about how to avoid ticket scams, people still get defrauded. In some instances, it’s the buyer’s fault. A little vigilance would have gone a long way. But the bigger problem lies in the platforms themselves.

Getting GUTS

One blockchain based company, GUTS, is in the process of creating a platform that will prevent ticket fraud. To do this, the GUTS team has created a Blockchain powered event ticketing protocol that introduces the concept of smart tickets.

Smart tickets are issued directly to end user wallet addresses on the Blockchain. These tickets are powered by smart contracts, which are self-actualizing contracts that perfectly execute the terms of the contract once a set of conditions are met.

Thus when a user purchases a smart ticket via the platform’s token, Guaranteed Entrance Token (GET), a smart ticket is automatically transferred to the user’s wallet. How does this prevent ticket fraud? Because the exchange takes place on GUTS’ blockchain platform, all the transactions are completely transparent and auditable. Additionally, a smart ticket is only sent to a user’s wallet once legitimate payment in the form of GET is received–the self-executing smart contracts prevent fraud from taking place.

But what about legal scams, such as buying tickets and reselling them for astronomical prices? Ticket purchasers on the GUTS platform can resell their smart tickets as they choose.

However, they must do so within the platform’s decentralized infrastructure. Purchased tickets can only be resold at a fixed price, which disincentivizes dishonest brokers from purchasing large chunks of tickets, marking them up, and then reselling them to make a profit. On the flip side, GUTS encourages honest ticket purchasers to buy tickets from their platform because purchasers can rest assured that the prices they are paying are fair. If a genuine scheduling conflict comes up, they can simply resell their ticket for the same price they purchased it–no money is lost because ticket prices have since dropped.

Real world applications

Lest anyone think that the GUTS platform itself is a scam, the team has already sold thousands of real-world tickets in the Netherlands. What’s more, the team has assembled an all-star cast of business advisors, including the manager of EDM superstar Martin Garrix as well as the booking agent of world-famous vocalist Adele. With successful test runs completed and talented team members already in place, GUTS is light years ahead of a large majority of ICO-ready blockchain companies.

To access the GET ICO, simply follow this link to GUTS’ website. The sale is currently in its Tier 1 phase, but there is plenty of time left to become part of this incredible opportunity.

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.

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Source: Newsbtc

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