True Tickets Powers Blockchain-Based Broadway Ticket Sales

True Tickets, the blockchain-based digital ticketing platform, made its Broadway debut last fall in collaboration with the Roundabout The...



True Tickets, the blockchain-based digital ticketing platform, made its Broadway debut last fall in collaboration with the Roundabout Theater Company in New York. After a “success” Course so far issuing digital tickets to mind problem player and Caroline or Change musical, Matthew Zarracina, co-founder and CEO of True Tickets, talks blockchain and ticketing with Cointelegraph.

When a potential theatergoer buys a ticket on the Roundabout website and chooses digital delivery, instead of picking up an all-you-can-eat ticket or printing it at home, that’s True Tickets’ signal to enter. Built on the Hyperledger Fabric platform that runs on IBM Blockchain and deploys on Google Cloud, True Tickets provides the infrastructure that generates dynamic QR codes integrated with distributed ledger technology.

Zarracina explained how a ticket is like a license, not an asset, with terms and conditions that can “finally” be enforced in an automated and efficient way thanks to the blockchain. He said there had been “significant operational improvement”, particularly in relation to the distribution and resale of tickets in secondary markets, claiming a 90-99% reduction in cleared listings or fraudulent issues. Sites are also able to track ownership and contact a ticket holder in the event of changes or cancellations.

“Now theaters have this chain of custody every time the ticket changes hands. They know where the money is going. And we want to be that layer of infrastructure that connects all of the ticketing systems to all of our venues.”

Related: Ticketing platforms use blockchain to engage with customers post-pandemic

Zarracina also attributed the acceleration of the digital transformation of ticket sales to the COVID-19 pandemic. In addition to working with the Roundabout Theater Company, True Tickets is also a partner of the Adrienne Arsht Center in Miami and the Dr. Phillips Center in Orlando, among others.

Recently, True Tickets raised a $5 million seed round led by Logitix, a ticketing platform that offers price optimization for venues, teams and promoters.