True Tickets, a blockchain-based digital ticketing platform, debuted on Broadway last fall in collaboration with the New York Roundabout Theater Company. After handing over digital tickets for Trouble in Mind play and Caroline or Musical Change, Matthew Zaracena, Co-Founder and CEO of True Tickets, spoke about blockchain and ticket sales with Cointelegraph.
When a potential theater visitor purchases a ticket on the Roundabout website and chooses digital delivery rather than picking up the ticket of their choice or printing it at home, the True Tickets signal comes in. Built on the Hyperledger Fabric platform. True Tickets runs on the IBM blockchain, is distributed on Google Cloud, and provides an infrastructure that generates dynamic QR codes, integrated with distributed ledger technology.
Zaracena explained that the ticket is like a license, not an asset, with terms that can “finally” be implemented in an automated and efficient way thanks to the blockchain. He said there has been a “significant operational improvement,” especially when it comes to ticket distribution and resale in secondary markets, and he said there has been a 90% to 99% decrease in authorized listings or fraudulent issues. Seats can also track ownership and contact the ticket holder in the event of a change or cancellation.
“Now theaters have this supply chain every time a ticket is changed. They know where the money is going. And we want to make from the infrastructure that connects all the ticket systems to all of our arenas.”
Related: Ticketing Platforms Using Blockchain to Interact with Customers Post-Pandemic
Zarashina also attributed the acceleration of the digital transformation of ticket sales to the COVID-19 pandemic. In addition to working with the Roundabout Theater Company, True Tickets also collaborates with the Adrienne Arsht Center in Miami and the Dr. Phillips Center in Orlando, among others.
True Tickets recently raised an initial $5 million led by Logitix, a ticketing platform that offers price optimization for arenas, teams and promoters.