Ticketmaster US has taken a significant step towards putting an end to ticket fraud with the announcement it has acquired UPGRADED; a blockchain technology company which services the live events industry.
UPGRADED converts traditional tickets into secure interactive digital assets protected by blockchain, providing event creators with more control and visibility over ticket distribution and protecting fans against fraudulent tickets.
The company's blockchain technology combined with encrypted barcodes helps prevent fraud often associated with paper or pdf-based tickets. The solution can be implemented without requiring a venue to replace existing access control hardware.
“Ticketmaster is constantly exploring emerging technologies, and there aren’t many that have the unique possibilities of blockchain,” Ticketmaster North America's Chief Product Officer, Justin Burleigh, said.
“We’re excited to have UPGRADED join the team as we continue to focus on providing the world’s leading identity-based ticketing platform to fans, artists, and our clients.
"We think blockchain and UPGRADED will continue our progress to improve ticketing and create a safer and more seamless experience.”
The move comes weeks after Ticketmaster was forced to deny allegations it had colluded with scalpers this year.
