The well-known music group “The Chainsmokers” and its manager Adam Alpert (also CEO of Disruptor Records) have announced their support for the platform developed with blockchain technology for ticket sales called YellowHeart, as reported by Music Business Worlwide on October 21.
According to the publication, the YellowHeart blockchain platform was founded by music executive Josh Katz, is decentralized and runs on a public blockchain, which allows artists and teams to identify, market and sell tickets directly to their fans .
With this platform, artists can establish a set of rules to govern how they sell, exchange and who shares the proceeds from the sale of tickets. The platform is planned to be launched by 2020, according to the source.
In addition, they explain in the publication that artists will also be able to set maximum resale prices, make sure tickets are distributed to real fans and choose to win a portion of the tickets resold at YellowHeart’s secondary market.
“Blockchain offers us the unique ability to track the entire life cycle of ticketing, which means that tickets end up in the hands of fans and no one else.”
Josh Katz, founder of YellowHeart and CEO, explained that it was time to find a solution to ticket resale:
“The plague of the scalping industry is something I have talked about with artists and friends for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution.”
The YellowHeart blockchain platform would not be the first to sell tickets within the entertainment industry to avoid fraud and guarantee the customer the accuracy of tickets.
In June, a Swiss company called SecuTix was applying blockchain technology to sell tickets in Spain, offering a secure ticket management whose objective is to position itself as a benchmark within the ticketing industry through technological innovation.
The SecuTix company is focused on technological development, marketing, project management and product development and support in Spain, and they have proposed to apply blockchain technology in the sale of tickets to ensure security and optimize access systems.
By applying this technology, the company sought to avoid fraud and the sale of tickets in secondary markets by providing a solution to the organizers of large events when using different access systems and preventing several people from using the same ticket.