Blockchain technology that underlies Bitcoin can indeed be adopted in almost all sectors, including in online ticket booking services (e-tickets). One of these service providers' platforms, Eticket4, is trying to offer solutions to fraudulent problems that are often troubling to both buyers and sellers. The company launched the Blockchain based e-ticketing platform, which can verify user identity and process data with a decentralized system.
Eticket4 itself is a ticket seller platform that over the past 2 years is growing rapidly. This is evident from sales of 80,000 tickets in the CIS and Eastern Europe markets, for FIFA Confederations Cup matches. Ahead of a major event like the 2018 World Cup, this platform feels the need to improve the system in order to minimize the risk of fraud.
E-ticket market is not free from various problems. The reason, bad practices such as brokers, fraud, and lack of transparency from the sellers and buyers, has been so prevalent in this industry. The brokers do mark-up the price is very high, whereas the authenticity of the ticket is also not necessarily certain. This constraint can certainly make buyers lose money. Another major problem facing the e-ticket market today is the lack of user identification and review systems. This results in sellers with high levels of accountability difficult to distinguish from wandering brokers.
Safer And Profitable All Parties
The inability to verify the identity of the user will no longer occur with the Eticket4 Blockchain system. All vendors are required to record the number of tickets sold through Eticket4. The information will then be processed to assess the integrity of the seller, so no more problems arise from the vendor. All information will then be completely decentralized, to avoid the chance of collaboration of brokers, so that the ticket is only devoted to legitimate buyers. With this Blockchain-based information system, consumers can find out the original price of the tickets they want, so there is no opportunity for the brokers to inflate the price. Legitimate sellers also have a choice of bargaining, and are allowed to negotiate with the seller if there is a change in price.