In the latest, the largest Broadway ticket seller is jumping onto the blockchain bandwagon with IBM blockchain against scam issues.
The Shubert Organization is notably the largest ticket operation company for Broadway at the moment. In order to combat the fraudulent activities which, occur quite commonly, the idea of the integration of a blockchain against scam solution was set in motion.
True Tickets, which is based in Boston, MA, joined hands with Shubert Ticketing through its Telecharge. The company provides an International Business Machines Corporation blockchain-integrated smartphone ticketing application. Fast Company revealed this collaboration in a news report.
IBM blockchain against scam
The Boston-based company was chosen to participate in the summer inauguration of the Broadway Tech Accelerator. They will get to see their virtual ticketing service consolidated into the various parts of the ticket vending businesses.
The chief executive officer of the company, Matt Zarracina, has stated that the pilot allows for the initiation of the implementation of a blockchain solution as a means of benefit to allow an enormous “various-channel marketplace.”
The primary purpose of the introduction of such a system was to restore transparency and verifiability for vendors and consumers. Broadway, too, is poisoned by fraudulent activities extending to duplicates and resale of forged tickets.
To curb the issue ticketing industry is adopting blockchain against scam, ensuring foolproof security. In the fall of 2018, Ticketmaster commenced their attempt to virtualize conventional tickets into interactive bits secured through blockchain technology and encrypted barcodes to put an end to scams.