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Title: Practical examples of where Bitcoin (or other blockchains) could improve things Post by: CIYAM on December 19, 2015, 05:06:59 PM Firstly take a look at this: http://www.abc.net.au/triplej/programs/hack/why-soundwave-collapsed-and-what-it-means-for-future-festivals/7042852
We basically have a ticketing company taking money off ticket purchasers and giving it to a promoter who has then used those funds to pay off previous debts rather than provide the event attendance rights that the purchaser was expecting (leaving ticket purchasers little hope of getting a refund). Now - if we used something like CLTV and a secret (only revealed when you turn up to the event to enter) then there is simply no way that any ticketing company and/or promoter could take your funds (but the promoter could show others the amount of funds "locked up" to provide reasonable proof that event attendance will be adequate to make sure that the event actually happens). This is a very practical example of what kind of problem that I think Bitcoin (or other blockchains) can solve. If no-one is looking into this yet I'd suggest that Australia is ripe for the picking after this Soundwave fiasco. |