Blockchain Meets StubHub with Eticket's P2P Ticket Platform
Bitcoin effectively introduced the world to Blockchain when its value skyrocketed from just under $6,000 to more than $19,000 in the span of a month, peaking back in December. Since then, the value dropped significantly, but the incredible – if short-lived – peak brought its underlying technology into the limelight.
That’s not to say blockchain wasn’t a media buzzword prior to November 2018, but since that period blockchain projects, both live and in-development, have increased, supporting the theory that it has the potential to disrupt nearly every industry. From financial institutions to the energy sector, and from gaming to enterprise networking, blockchain uses are emerging daily as innovators look to leverage distributed ledgers to improve operations in their markets.
Israeli firm Eticket is bringing blockchain to the ticket resale market. Originally launched in 2015, the company is moving its Et4 platform onto blockchain to enable faster, more secure secondary market ticket sales. Importantly, as a P2P platform, it seeks to eliminate third-party intermediaries, like StubHub, the largest ticket resale platform in the world, which often command an oversized commission. Between the buyer and seller, StubHub collects a 25 percent commission on ticket sales, though listings themselves are free.
The company refers considers itself an escrow agent and allows and ticket holder to sell tickets on its platform – including ticket brokers and event organizers and, of course, original ticketholders. Transactions are conducted by creating a smart contract that allows the platform to become the guarantor of each transaction. Ticket exchanges are completed using ET4 tokens, 2.3 million of which were sold initially through private sale and ICO earlier this year. Currently, tokens can be bought on the company’s website and the BTC-Alpha crypto exchange.
Eticket says its blockchain-based P2P platform does charge a platform fee, but it can be as little as 2 percent when payment is make using its tokens.
The company currently operates in Israel, Russia and Asia with a turnover of $2 million last year. Its future plans include geographical expansion as well as exploring new resale markets, including personal items (competing with StubHub’s parent company eBay), realestate, transportation, and other services.
“The company plans international expansion, as well as penetrating to other p2p-markets... with an obstacle of trust, speed, and transparency,” says Daniil Kruchinin, CEO and founder of Eticket. “The blockchain opens new perspectives both for our company and for all buyers and sellers all over the world.”
Edited by Erik Linask
