Ticketing startup Festy lands blockchain investment
Cork, Ireland-based ticketing startup Festy has announced a partnership and investment deal with South Korean internet company Kakao, which will focus on the development of blockchain payment and analytics applications.
Launched in 2016, Festy initially allowed the storage of payments and ID data on music festival wristbands. The company has since evolved into a blockchain ticketing and payments mechanism for retailers, festivals and conferences, using a distributed ledger to record transactions.
The company has partnered with Ground X, a subsidiary of South Korean internet conglomerate Kakao. Ground X is building a blockchain platform called Klaytn for developing services on top of existing technology.
Festy’s ticketing system allows users to check in and out of clubs and other live event venues. This function is of particular interest to Kakao, says Festy founder Graham de Barra.
“It’s really good for organisers to see the flow of people at their events and [with Festy] they have the auditable, real-time ability to see it on a chain,” comments de Barra.
“We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards big data”
The system will also enhance privacy, allowing the festivalgoer more control over the data that is collected about them.
“We can allow a more transparent system for these transactions, where the consumer can get remunerated for contributing towards the big data that’s being built around them. The more they enrich it, the more they can earn – or they can totally opt out,” says de Barra.
The company hopes to launch Festy on the Klaytn platform in July.
Dutch blockchain ticketing service GUTS Tickets currently holds the record for the largest-ever blockchain ticketing sale. The company recently beat its previous record to sell around 50,000 tickets in two hours. The fraud- and tout-proof service uses GET Protocol to track tickets and distribute unique, non-duplicable e-tickets.