UEFA 2020 tickets to be secured via Ethereum blockchain

by in Blockchain News

UEFA tickets to be secured via Ethereum blockchain

AlphaWallet team recently revealed that they are working on a project to tokenize digital tickets for UEFA. According to the announcement, they plan to create 20,000 Ethereum-based digital tokens, which will represent the UEFA 2020 event tickets.

According to Victor Zhang, AlphaWallet’s CEO, if 50% of all digital event tickets were turned into crypto tokens it would be a huge win for blockchain adoption globally. Adoption currently stands at about 42 million people. The CEO noted that there were more than 941 million users of digital tickets globally, which is much greater than the number of blockchain users in the world.

Zhang added that about 20,000 people would experience the blockchain without even being aware of it since their tickets will be secured using the blockchain but will function just like normal event tickets. He noted that UEFA would be providing all the tickets, authority, and funds while AlphaWallet would only be providing the technology.

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AlphaWallet performed a trial run of its ticketing technology during the FIFA World Cup in 2018. Their goal is to try to find a solution to ticket scalping, fraud, and various other problems that face the ticketing industry.

Victor Zhang noted that thanks to the blockchain, purchasers could verify their ticket is genuine. He believes this will deal a huge blow to sellers of fake tickets. Besides that, transferring ownership of tickets will be quite easy; users can send their tokens just as they would when sending digital currencies.

According to the CEO, while blockchain technology had not matured to a level where tokenizing the entire world economy was possible, we are headed there. He noted that there were still technologies that needed to be created for this to become a reality.