How blockchain can solve ticket fraud and secondary market issues

[arrangut]

Blockchain solutions are progressing more and more into specific industries that used to work without it few years ago. And to be honest, I am pretty impressed with the value that certain worthwhile blockchain solutions are bringing to the table. Even though, many parameters must be analyzed before blindly believing in the benefits.

I attend lots of music festivals and sporting events, which is why I was excited when I discovered GET Protocol. It seems like a really cool solution with a lot of adoption and promising future. I wanted to share some info about them and ask for your opinion. GET Protocol offers a blockchain-based smart ticketing solution that can be used by anybody who wants to sell tickets in an honest and transparent way.

The GET token is used and burned whenever a ticket is sold using the protocol. So far, it looks like already 300.000 tickets have been sold.

Most recently the team announced that they are moving into the Korean market. On top of that, GET Protocol will be the first BApp in the ticketing vertical to partner with Klaytn, the blockchain subsidiary of Kakao (look that name up if you don't know it..)

With Kakao’s market influence throughout various life-style services in Korea, the partnership is expected to cause much synergy in bringing real-life blockchain use cases to the market.

The team is delivering loads of good news - just this week they announced that big festival 'Oerrock' will be using GET Protocol for their ticketing. This feels like exactly the type of crypto adoption we should see right now, I am very curious to hear your thoughts on market, its prospects, GET and other similar solutions with value.

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[CjMapope]

Thats... actually a really good use case for blockchain, so im happy to hear this
Any situation where theres a certain finite number of something, a blockchain is a great use to prevent fraud really
i just wish all these projects claiming new protocols would have just worked together, they are gonna get overrun by something that can handle it all i fear : /

[volport]

Pretty new thing to me, I mean I haven't read much on the industry, but after checking out the thread decided to get a bit deeper. Now reading more on current issues and how blockchain (and GET in particular) can help out, cause all in all market seems to be rather large

[Bitinator]

As I remember there were a few projects about ticketing on Blockchain. GET Protocol, Aventus, Blockparty... Unfortunately, I invested in Aventus and they have done nothing so far. Really good to see that one of them is still alive and growing day by day.

But I don't think new cryptocurrency users care adoption. They just care about money. They need speculations, pumps, dumps... There are a lot of coins in the Top 100 with no real-world use case. Hate shitcoins, love adoption.


The most important thing is that Everyone was thinking mass adoption will come through the game industry especially gambling. GET Protocol showed us that's not true. Everyone buying tickets without knowing what is cryptocurrency. That's the key and adoption.

[shinratensei_]

I like the idea and this one is good enough but the price is not following what already happened with it as it was getting dumped more than 90%. i know that the team has been selling the ticket but it's not so much as you said that the team sold no more than 200k ticket and in the last quarter of 2019 and the team can only sell small amounts of ticket. Remember about the demand will be the main thing to determine.
A better solution is needed and as you can see so many centralized trusted parties are offering the same thing and i guess the adopters of gets were crypto enthusiasts and that's why it can't sell a lot of tickets.

[Dickiy]

any GET market is essentially a good security system to avoid fraud, blockchain will overcome ticket fraud with a strict KYC system

[Aabcde]

This is good news which the crypto world needs. Because most new projects now only focus on secure and fast payment, it is boring. Crypto should be even more innovative, like the GET protocol, selling festival tickets.
I hope that in the future this kind of crypto will appear which directly collaborates with a field so that there will be a real case.

[aamirsuh]

This is a very broad subject. You can check the codes from the github before making an investment. Because non-transparent projects are suspicious projects. Blockchain is already a system where everything is recorded. It is in our hands to use it correctly.

[duuuuude]

It is very good that such projects begin to work even in such areas as tickets. I hope that I will live to see the time when the blockchain will be introduced into the financial sectors, and especially with banks.

[Febo]

How blockchain can solve ticket fraud and secondary market issues

You should definitely look at what is https://www.tari.com/ doing. Their platform is not yet available for testing, but you can see their plans. Their first use case will be event tickets.

[enhu]

As I remember there were a few projects about ticketing on Blockchain. GET Protocol, Aventus, Blockparty... Unfortunately, I invested in Aventus and they have done nothing so far. Really good to see that one of them is still alive and growing day by day.

But I don't think new cryptocurrency users care adoption. They just care about money. They need speculations, pumps, dumps... There are a lot of coins in the Top 100 with no real-world use case. Hate shitcoins, love adoption.


The most important thing is that Everyone was thinking mass adoption will come through the game industry especially gambling. GET Protocol showed us that's not true. Everyone buying tickets without knowing what is cryptocurrency. That's the key and adoption.

There are few of those projects that gets to be useful in the real world, you can just hope the teams are serious about the project which they hope to be adopted. You can just assume that several teams tried like 1 out of 10 similar project gets to be successful. GET protocol seem to be that one project that ends up to have a serious team.

[Harlot]

I don't think that is true in any way. Ticket fraud almost always happens on external platforms not related to the use of an app. They are always encountered in social media websites where a lot of scams happens. There is no actual “ticket” being sold but just the illusion of the seller having it making the buyer pay for it first rather than to think it through. Even with technology involve you can't stop these scams from happening as long as they have other outlets of doing it.

[batang_bitcoin]

Registered tickets on blockchain so that it can easily verified if that's a legit ticket that was sold. But burning the tickets on the chain after being sold, I think the bad people can take advantage of it especially if he understand how your chain works. Anyway, it's all up to you and this seems to be a new project and it's the first time to see this kind of use case and basically that it's a good upgrade for the ticket industry if ever they'll create a system that can easily track those fake and legitimate sold tickets.

[magneto]

The immutability aspect of blockchain can and shoud be taken advantage of in various industries to prevent fraud. The application that you spoke of in the OP is absolutely no different.

Unfortunately, what is holding up adoption is the fact that people tend to associate blockchain with crime or they are just generally closed to new ideas, which is sad because of the fact that they are missing out on more efficient, and just safer practices in general for their own business/industry (from the government's point of view, that is ).

[Adnanzzz]

Blockchain solutions are progressing more and more into specific industries that used to work without it few years ago. And to be honest, I am pretty impressed with the value that certain worthwhile blockchain solutions are bringing to the table. Even though, many parameters must be analyzed before blindly believing in the benefits.

I attend lots of music festivals and sporting events, which is why I was excited when I discovered GET Protocol. It seems like a really cool solution with a lot of adoption and promising future. I wanted to share some info about them and ask for your opinion. GET Protocol offers a blockchain-based smart ticketing solution that can be used by anybody who wants to sell tickets in an honest and transparent way.

The GET token is used and burned whenever a ticket is sold using the protocol. So far, it looks like already 300.000 tickets have been sold.

Most recently the team announced that they are moving into the Korean market. On top of that, GET Protocol will be the first BApp in the ticketing vertical to partner with Klaytn, the blockchain subsidiary of Kakao (look that name up if you don't know it..)

With Kakao’s market influence throughout various life-style services in Korea, the partnership is expected to cause much synergy in bringing real-life blockchain use cases to the market.

The team is delivering loads of good news - just this week they announced that big festival 'Oerrock' will be using GET Protocol for their ticketing. This feels like exactly the type of crypto adoption we should see right now, I am very curious to hear your thoughts on market, its prospects, GET and other similar solutions with value.

Yes, the problem and the market for this is enormous:

https://bigthink.com/politics-current-affairs/scalping

I like the idea and this one is good enough but the price is not following what already happened with it as it was getting dumped more than 90%. i know that the team has been selling the ticket but it's not so much as you said that the team sold no more than 200k ticket and in the last quarter of 2019 and the team can only sell small amounts of ticket. Remember about the demand will be the main thing to determine.
A better solution is needed and as you can see so many centralized trusted parties are offering the same thing and i guess the adopters of gets were crypto enthusiasts and that's why it can't sell a lot of tickets.

The price you are refering to isn't really indicative. It happened during the January 2018 crypto hype. The price went to 6-7$ very quickly and dropped just as quick, like with most projects. Ever since GET has been pretty stable despite most alts losing ridicilous amounts of value.
In the meantime more than 300k tickets have been sold (you can see the number on their website in real time: https://get-protocol.io).
The great thing is that with more tickets being sold, the larger the buyback will be.

Especially the integration of ITIX should be a huge boost for the buybacks. They sell 2 million tickets a year and with their complete integration coming I hope to see them alone generating at least €500k yearly buybacks when fully integrated.
Then there's also GUTS, the new Korean ticketing company and I expect more ticketing companies to join soon. With all that combined I think a yearly buyback of a few million € is a very realistic scenario in a few years. You can imagine what that will do to the price, with these thin order books.

And then there's also the scarcity of the token: at least 50% of it will be burned by 2021 (and all triggered by adoption and the selling of tickets). Basically: the bottom is in. If GET goes any lower (which I don't expect but secretely hope it does) then the buybacks and burns will be even bigger than the 100k that was burned in the last quarter. They will be bigger anyway as the ticket sales are expected to grow by a big factor this year but you get the point.

I don't think that is true in any way. Ticket fraud almost always happens on external platforms not related to the use of an app. They are always encountered in social media websites where a lot of scams happens. There is no actual “ticket” being sold but just the illusion of the seller having it making the buyer pay for it first rather than to think it through. Even with technology involve you can't stop these scams from happening as long as they have other outlets of doing it.

Scalping or ticket fraud is simply not possible with GET. They have merged the primary and secondary market together, which means that the tickets can only be resold in their ecosystem, of which they determine the resel price of.

Here's an example of a tweet from Dutch artist Jochem Myjer:

https://twitter.com/jochemmyjer/status/1195757465738055680

To translate: he's saying since he's using GUTS (runs completely on GET protocol), not one of his 100k+ tickets has been scalped or frauded with. So the solution is already there and visible.

[Mattie86]

How blockchain can solve ticket fraud and secondary market issues

You should definitely look at what is https://www.tari.com/ doing. Their platform is not yet available for testing, but you can see their plans. Their first use case will be event tickets.

You should defefinity look at what is GET Protocol https://get-protocol.io/ doing. Their platform is up and running for a while now (2years+) even got a testing thinghy https://sandbox.guts.events/account?next=%2Ftickets Here you can buy a ticket and see how easy it is. (you dont need money..)

GUTS is the developer and first user of the protocol. GUTS was created to show what is possible with the GET Protocol, it became a serious ticketing company, they onboarded multiple EO's (Event Organisers) and famous artists in the Netherlands. Recently they sold tickets for big stadium concerts in the Philips Stadion in Eindhoven, the events will take place this year. Also they announced that they will be selling tickets for Oerrock festival (35k visitors) sale will start tommorow. And this are just some examples from what they did already. Jochem Myer, Guus Meeuwis, Audio Obscura, and many more are example`s of artists and EO`s that they saw the benefits of GET and selling thousands and thousands of tickets in real life already trough GET Protocol.

Then there's ITIX an existing (for many years) ticketing company. They sold over 14 million mostly theater tickets in the Netherlands to date..
They announced to start integrating the GET Protocol last year! So that will be the second! company that will starts using the GET Protocol.

Whats also very interesting that GET Protocol did several ticketing pilots in South-Korea.. (look up K-pop its huge and they got huge problems with ticketing fraud) We will be hearing more this year about this developments.

And theres way more interesting developments going on, Klaytn for example. Look it up.. i got some hints> Kakao > Melon Tickets, UpBit, Coinone, Klip Wallet...

[TurkiyePriest]

And then there's also the scarcity of the token: at least 50% of it will be burned by 2021 (and all triggered by adoption and the selling of tickets). Basically: the bottom is in. If GET goes any lower (which I don't expect but secretely hope it does) then the buybacks and burns will be even bigger than the 100k that was burned in the last quarter. They will be bigger anyway as the ticket sales are expected to grow by a big factor this year but you get the point.

What will happen if all tickets are sold and all GET burned 

[govorrue]

Hello there. Just checked out more on GET protocol after finding out the thread, for sure everything looks more than impressing because of real results. I am not a huge fan of sports, but into music and read many articles on GET becoming main ticketing partner of Oerrock festival in the Netherlands. I have visited the festival for several times and great that guys together are working on increasing transparency and reliability, cause both things matter. And I have already bought tickets myself - everything works brilliant. Great solution with real value that works. Looking forward to even more partnerships down the roadmap. Pretty sure that this is exactly what team is focusing on right now

[volport]

Hello there. Just checked out more on GET protocol after finding out the thread, for sure everything looks more than impressing because of real results. I am not a huge fan of sports, but into music and read many articles on GET becoming main ticketing partner of Oerrock festival in the Netherlands. I have visited the festival for several times and great that guys together are working on increasing transparency and reliability, cause both things matter. And I have already bought tickets myself - everything works brilliant. Great solution with real value that works. Looking forward to even more partnerships down the roadmap. Pretty sure that this is exactly what team is focusing on right now

You are absolutely right. I fully share your views. There are not many advanced solution, even though there are more and more getting to the market. However, unfortunately, majority is abstract with no real value. And GET team is already coming with milestones met. Team is kinda saying: have a look at real results we have. 100% real Oerrock festival partnership (MAIN! ticketing partner), Klaitn, other strategic partners. And roadmap looks very bold and saturated. I am very impressed with current progress

[Adnanzzz]

Hello there. Just checked out more on GET protocol after finding out the thread, for sure everything looks more than impressing because of real results. I am not a huge fan of sports, but into music and read many articles on GET becoming main ticketing partner of Oerrock festival in the Netherlands. I have visited the festival for several times and great that guys together are working on increasing transparency and reliability, cause both things matter. And I have already bought tickets myself - everything works brilliant. Great solution with real value that works. Looking forward to even more partnerships down the roadmap. Pretty sure that this is exactly what team is focusing on right now

All GET can never be burned, for the simple reason that the amount of GET needed is set in fiat at every event cycle. As soon as the scarcity phase is reached, it will push the price up a lot, meaning less GET is burned.

It's a self regulatory system:

A lot of tickets sold => a lot of GET needed => a lot of GET burned => Scarcity => Price goes up => less GET burned => more tickets sold => more GET needed => more GET burned => scarcity => price goes up => less GET burned => ...


GET is also divisible up to 18 decimals so if they keep selling more and more tickets, somewhere in the future the monthly buyback could be let's say $10 million while GET is trading at $1000 a piece, which would mean that only 10000 GET is bought and consumed by the event organisers/ticketing companies.