Speaking at the Elev8CON conference in Las Vegas on December 9th, vice president of Ticketmaster's blockchain products Sandy Khaund discussed the value of smart contracts that can bring the ticketing industry, and the market is expected to reach more than $6.23 billion by 2025.
Khaund emphasized that ticketing providers should consider treating tickets as intelligent contracts to create scalability, seamless integration with other service providers and opportunities for new revenue generation.
Earlier this year, Ticketmaster announced that it had sold 73 million tickets to concerts, more than 4 million more than this year. According to Khaund, Ticketmaster is responsible for 475 million tickets annually.
As this number continues to grow, Khaund explained that Ticketmaster focused solely on the business value of blockchain can bring and understand how to bring that to the customers.
Smart Contracts are self-realizing contracts whose terms and conditions between buyer and seller are written into the code lines. Code and agreements contained in smart contracts exist in blockchain, making transactions traceable and irreversible.
Ticketmaster initially started thinking about applying smart contracts to tickets last year, following the acquisition of the previous company Khaund, Upgraded. Since then, Ticketmaster has planned to use Upgraded's blockchain technology to digitize tickets in interactive units that work through encrypted barcodes to protect and streamline the ticketing process.
