Ticketmaster buys into blockchain with Upgraded acquisition
The global market leader has acquired Bay Area start-up Upgraded, in the clearest indication yet that the live industry is bullish on blockchain's potential
News By | 18 October 2018
Ticketmaster today became the first major traditional live music industry player to invest in the much-hyped blockchain space, announcing it has acquired San Francisco-based ticketing start-up Upgraded.
Upgraded converts traditional tickets into secure, interactive digital assets protected by blockchain technology – a ‘distributed ledger’ database which permanently stores all transactions, best known for its use by cryptocurrencies such as Bitcoin – providing event organisers/promoters with control over ticket distribution and protecting consumers against fraud.
The acquisition of Upgraded follows that of facial-recognition company Blink Identity in May, and sits alongside other recently launched technological solutions such as digital ticket architecture Ticketmaster Presence and anti-touting initiative Verified Fan. According to Ticketmaster, Upgrade’s platform combines blockchain tech with dynamic, encrypted barcodes to prevent fraud, and can be…
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