Ticketmaster announced its acquisition of UPGRADED, a blockchain-powered smart ticket creator. Smart tickets can allow event owners and ticket sellers more control over ticket distribution and more power to prevent counterfeits.
Ticketmaster announced today its acquisition of blockchain ticketing company UPGRADED.
UPGRADED turns traditional tickets into smart, blockchain-secured tickets adding new features and aiding the fight against ticket fraud. Tickets are converted into secure interactive digital assets using blockchain technology to encrypt ticket barcodes. The idea is that if the barcodes are encrypted, event owners can better prevent counterfeited tickets.
It's not confirmed whether Ticketmaster will exclusively use UPGRADED tickets, or what the availability of these tickets will look like for event owners or ticket purchasers.
The use of blockchain to underpin these smart tickets also allows data to be shared with event managers and ticket sellers. With this data, they will be able find out who has owned the ticket, if it has been sold, and who the consumer is that attends an event. Ticket sellers can also limit the ability of the purchaser to resell the tickets, or require a portion of the resale value to go to the event owner instead of the ticket owner.
This built-in tracking provides additional marketing opportunities. The smart tickets themselves, says UPGRADED, can also display digital adverts, again tracking clicks and recording purchases. For example, fans could purchase parking passes or merchandise directly from within the ticket.
UPGRADED tickets still use barcodes, the go-to security of today's events to prevent ticket fraud. However, these barcodes are "obfuscated" until the event doors open and the ticket holder is nearby, reducing the chance of any duplication. UPGRADED smart tickets are delivered to purchasers via email.
Sandy Khaund, founder and CEO of UPGRADED, said in the official press release[1]:
"Ticketmaster is
