The sports events industry has been heavily affected because of the black market and ticket resales. For example, in last year's Super Bowl, resale tickets were being sold between 8 and 23 thousand dollars when the original prices were between 4 and 10 thousand dollars. However, using blockchain technology could end with this problem.
This technology has been tested in several events and the results were very good. UEFA utilized it in 2015 and 2016 and because of the success it had, they had plans to use it in this year's European Cup. However, this event is not going to be played because of the Coronavirus. Soccer teams like Everton and Le Havre already use this system. Most recently, AFC Bournemouth announced that the club will use blockchain technology for ticket sales.
What are some advantages of using this technology?
Less hassle: because tickets would be bought online, long lines could be reduced and customers would save time.
Easier and faster process: using blockchain in ticket sales could represent a cost reduction for both customers and event organizers.
Personalized experiences: thanks to the verification system, companies could gather detailed information about their users and their preferences and therefore be able to offer personalized experiences according to their preferences and characteristics.
Less fraud: this would be the most important advantage of the system. Everything on the blockchain is audited and cannot be modified once it is approved. Therefore, organizers will always know who bought the ticket and what they do with it. Consequently, resalers could no longer take advantage of the demand to sell at very high prices.
Digital wallets will be very important for this technology to work effectively. Platforms like bitfoliex already offer an international transaction service to their users. Having a safe and easy-to-use wallet like bitfoliex will be valuable for people trying to buy tickets for sports events through blockchain.