GUTS: Blockchain Based Company eradicating Black Market Traders

Black market traders and secondary markets are infamous for inflating the ticket prices for concerts and festivals. Ticketing companies are allegedly accused of having their employees buy tickets and resell them at exorbitant prices thus affecting event management companies and the artists who perform at these large-scale events.

Jochem Myjer, Guus Meeuwis, and Youp van’t Hek are popular Dutch musical stars that have invested in a blockchain powered ticketing company called GUTS. The company seeks to provide ‘smart-tickets’ that completely expels black market traders and intermediaries from raising the prices of tickets. This is done by enabling the QR code of a ticket to constantly change thus removing any sales via the black market channel.

Maarten Bloemers, CEO and Co-Founder of GUTS in an interview said – “A concert ticket is in fact also an appointment. As a visitor, you pay for access. Using blockchain technology, logic can be programmed into a card. Every time a ticket changes ownership, for example, it receives a new barcode. And perhaps most importantly: certain features such as the ticket price are fixed.”

The way a ticket is secured is by making a user’s mobile phone the identification marker for the ‘cryptographic wallet‘. Once the purchaser’s phone is registered, only this individual can use the ticket.

The reason for creating this is that it counter-measures against price inflation. A number of them – Jochem Myjer, Guus Meeuwis and Youp van’t Hek who are both users and investors – use this because they want to keep the shows accessible. An additional advantage is that they can use the data we collect with this to build their own community.

“Blockchain is a pretty big hype right now and we can really tell that we’re on the map for some big players.”

Liked this article? You might also like ‘Blockchain being used to curb Counterfeit drugs sold in Kenya.

 


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