This “bitcoin of ticketing” system may put an end to ticket touts

Two graduates from Imperial College London think their new tech will eliminate ticket fraud

A new ticketing system could put an end to ticket touts and huge re-sale prices.

Two graduates from Imperial College London – Annika Monari, 25, and Alan Vey, 24 – have created a “bitcoin of ticketing” system with hopes of erasing the problem.

Using cryptocurrency, the software, called Aventus Protocol, uses blockchain technology that would allow event organisers to give each ticket a unique identity that is tied to its owner.

The blockchain technology can track where each new one contains an encrypted version of the previous one, meaning tickets can’t be faked. It also allows organisers to keep tabs on the price of each ticket, if they are resold.

The first test for the new software will be during the 2018 World Cup, with 10,000 tickets being sold to fan events around Europe and the US. Monari and Vey also plan to work with football clubs for the sale of season tickets in 2019.

Speaking at the launch of the new software, Monari and Vey said that the process “has been an amazing journey.”

“We used to sit in this common room having coffees and worrying about our coursework. But now, hopefully, we will be the people who can solve the problems in the ticketing industry,” they added. “That would feel incredible and be such a huge achievement for us.”

Monari explained how they knew it was the perfect time to dive into the project. “There was the moment where I was like: ‘look, we don’t have mortgages, we don’t have husbands or wives, we’ve worked together before, we don’t have any kids – now is the time’.”

“Yes, but there have been times where people have tried to take us for a ride because of our age,” Vey added. “Some people do assume by default that we don’t know what we’re talking about.”