For the first time in a mainstream sporting event like Paris Olympics, the tickets might be issued on the blockchain! The French Olympic Committee has suggested a blockchain-based ticketing design for the 2024 Olympic Games in Paris.
Is there any official report published?
In a report consisting of 30 pages, the committee has submitted this proposal to the French Prime Minister’s Office; this advice was put forth, as reported by local media reports.
The report also deciphered that Michel Cadot, the French Olympic interministerial representative, submitted a report containing suggestions for the upcoming Olympic games.
When will this event take place?
As per the report, the major sporting event will be in France in 2024. The event will have a personalized and secure ticketing system in place.
How will they make the ticketing system secure?
The report recommends implementing blockchain ticketing would be the best course of action to accomplish it. It suggests the issuing of non-transferable tickets for the Olympic games.
What are blockchain-based tickets?
Blockchain-based tickets exist in the buyer’s digital wallet. Therefore, transferring ownership from one individual to another is straightforward and does not require communication with the central market.
Why use blockchain ticketing?
The primary benefit of adopting blockchain ticketing is that it allows event organizers to track tickets after they sold out.
Blockchain will securely connect all tickets to the purchaser, and these transactions and other LinkedIn with specific tickets are accounted for in the blockchain.
In addition, any following ticket sales or transactions are recorded on the blockchain.
Scalping, uncontrolled price gouging, and scams will all be reduced by keeping a shared database of all transactions involving each ticket.
Lastly, utilizing blockchain ticketing will also help ensure that ticket pricing is kept fair, even when resold, and the ability to distribute royalty payments to artists or event organizers for each transaction.
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