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The author of the UK ticket resale review has lent his support to Aventus, which hopes to facilitate the "fair, secure and transparent" sale of tickets using blockchain
By Jon Chapple on 20 Jul 2017
Michael Waterson, the British economist who led a government-commissioned review of the UK secondary ticketing market, has joined the advisory board of Aventus Systems, the developer of a blockchain-based ticketing system.
Joining Prof. Waterson on the board – which will “provide strategic, technical, and legal counsel for the Aventus team as they bring their solution to the global ticketing markets” – are veteran promoter/consultant Bernie Dillon, formerly of Hard Rock Live and now director of Carnival Cruise Lines’ Carnival Live; William Knottenbelt, director of cryptocurrency research at Imperial College London; and Daniel Masters, of Global Advisors’ bitcoin investment fund.
“My investigation into the event ticketing industry, particularly in music, brought home to me how a structure has grown up that leads to consumer confusion and frustration, alongside a range of dubious practices,” says Waterson (pictured). “Technologically the problems are challenging, but, to me, Aventus has a comprehensive approach to their solution. Provided there is sufficient industry buy-in, Aventus can be a real force for positive change.”
Dillon adds: “Anyone who has ever attended, hosted or produced a live entertainment event, be it a UFC fight, boxing match or concert, has been affected by counterfeit tickets or extortionate secondary resale prices.
“Provided there is sufficient industry buy-in, Aventus can be a real force for positive change”
“Aventus brings a refreshing solution to these age-old problems that could very well end fraudulent activity and unregulated ticket touting once and for all.”
More information about the Aventus platform, which the UK-based start-up describes as “a revolutionary global standard for the fair, secure and transparent creation, promotion and sale of tickets that is not controlled by any one entity”, is available here.
An initial coin offering (ICO) – a type of crowdfunding campaign for cryptocurrency-based start-ups – was planned for this month, but has been pushed back to August after a collapse in the price of Ethereum, a Bitcoin-like cryptocurrency which would have funded the ICO.
IQ investigated the potential for using blockchain to eliminate ticket touting earlier this year. Other companies active in the space are GUTS Tickets in Amsterdam and Lava and Citizen Ticket in the UK.
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