Students use blockchain to prevent ticket counterfeiting
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Much to the distress of fans, ticket counterfeiting and re-selling has become a big business, with brokers using bots to buy up the entire supply of tickets to high-demand shows in just minutes. These are then sold on to fans at huge mark-ups. According to a 2016 report released by the Office of New York State Attorney General, and reported in Forbes, “Ticketing, to put it bluntly, is a fixed game… On December 8, 2014, when tickets first went on sale for a tour by the rock band U2, a single broker purchased 1,012 tickets to one show at Madison Square Garden in a single minute …” According to TicketMaster, purchases by brokers contribute to around 60 percent of sales to popular shows.
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