Real-world use cases for blockchain technology are not easy to come by. The Football Association, together with AlphaWallet, aims to change that narrative.
Both institutions will experiment with blockchain technology to sell football tickets.
BLOCKCHAIN TOKENIZATION FOR SPORT EVENT TICKETS
More specifically, tickets for next year’s European soccer championship.
It is believed that up to 20,000 VIP tickets for EURO 2020 will be tokenized on the Ethereum blockchain.
It is the second major partnership for AlphaWallet regarding soccer tickets.
Last year, it partnered with Shankai for the FIFA World Cup.
The tokenization of sports tickets is not a novel concept, but one that hasn’t gotten much attention in recent years.
It streamlines the way that service providers verify tickets.
Rather than relying on a centralized system, this option makes for a more straightforward approach.
Moreover, the blockchain can be used for specific discounts on extra services, without forcing users to register for services individually.
This is also a viable move to cut down on ticket scalpers.
A lot of people buy multiple tickets for more vents to resell them at a much higher price.
While that is not illegal, a secondary market for tickets introduces significant risk factors that need to be addressed.
For the time being, it remains to be seen how this venture will pan out.