About GUTS Tickets
GUTS Tickets is ticketing system which uses blockchain technology to register ownership of SMART-tickets. GUTS makes ticket fraud impossible. The ticket can only be resold at a fixed price, so no more disgraceful prices for (secondary) tickets.
Event organizers or content creators issue original tickets on the primary market, at a price that they set themselves. Event organizers then engage ticketing companies to sell and distribute the tickets for the event, and the ticketing company typically charges transaction and administration costs in addition to the original ticket price. In some cases, these added costs are distributed between the event organizer and the ticketing company without the consumer knowing.
Right to resell the ticket
A purchased ticket is the property of the end user, and users have the fundamental right to (re)sell their property. Regulating ticket reselling, however, is complicated, and current solutions remain inadequate. In the Netherlands, for example, a law to end extreme prices for secondary tickets remains under review six years after it first proposed. Governments will not provide a global solution for the problem, let alone a local one. The rise of online markets has eroded the government’s power to regulate, even when the laws are in place.
Ethereum is a decentralized database that is incorruptible by any central malicious actor. It can be accessed by anyone with Internet connection and is very cheap to harness. These features render the blockchain as transparent by nature, such that many of the oversight and ticket verification issues are solved immediately. Blockchain technology provides environment where consumers could locate a validated and trusted list of outlets selling tickets on the blockchain.
Blockchain has its disadvantages
Large concerts and festivals have multiple entrances and 30+ scanning devices can be in use simultaneously. At this rate, a constant stream of Codes must scanned and the validity of the tickets verified. After validation, each ticket must be instantly marked as used, to prevent other from sharing same Code within moments of each other. Currently, blockchain technology is too slow to accommodate a robust, competitive, and user-friendly instant verification ticketing system at times of such peak capacity.
While bypassing all current ticketing stakeholders to create new and completely disruptive platform seems tempting, GUTS Tickets has learned over last 16 months that this strategy would ultimately fail. The thresholds required to penetrate the market are too great, and adoption of the GET Protocol would be severely limited. To maximize the chances for adoption, the GET Foundation, supported by launching customer GUTS Tickets, will collaborate with current market stakeholders and will use existing infrastructure in the value chain.
A consumer using the GET Protocol to purchase, use, or sell a smart ticket must, regardless of how the user interacts with the protocol pay a certain amount of GET for using the protocol. It is likely for a user to have a ’residual’ GET balance (residue) after buying and using a smart ticket for an event. This means that the user will have to pay less transaction costs to the GET Foundation the next time he or she uses the protocol. Besides being a fair cost allocation mechanism these GET residues ensure that the tokens are distributed.
When a user buys a ticket, there are several way can be used. Buying a ticket and entering the event is the commonly used route. A user buying a ticket and then selling it with the GET Protocol is an example of a more complex route. An even more complex route is a user who buys four tickets, sells one and uses the remaining three, etc. Different routes mean that users incur different costs. Depending on user behaviour, different costs are applicable. To define and express these cost routes, several abstractions are needed.
The GET Protocol is more than just smart ticketing application that solves the inefficiencies of both the primary and secondary ticketing market. The standardizing properties of the protocol also could also allow for further optimizations in the event and ticketing market. Direct settlement of payments, controlled internal markets for event-specific assets (such as beverage and drink tokens), and the ability to securely transact with other actors in the protocol, are all possible because each actor in the protocol has a smart wallet assigned to their verified unique identity.
Ivo Van Der Wijk CTO & LEAD DEVELOPER
Tom Roetgering CCO & SALES
Frans Twisk PRODUCT DESIGNER & FRONT-END DEVELOPER
Quote This article is writing on 30 June 2019 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258
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