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Blockchain and NFT ticketing may change the ticketing industry for good, yet the concepts of blockchains and NFTs are still obscure and can become politicized.
Blockchain is a complex concept, so it’s best to focus on the most relevant ticketing.
A blockchain is a database. In regular databases, there is one computer that holds a master copy of the data. In a blockchain, the database is shared across multiple computers interconnected in a network. Thus, various computers hold identical copies of data in a distributed way. Most blockchain systems are also decentralized, meaning that there is not one central entity with control and decision-making power.
Blockchains are best known for powering cryptocurrency (including Bitcoin and Etherium), but there are also blockchains in use in banking, healthcare, and many other industries.
NFT stands for Non-Fungible Token, and these are unique digital tokens that store information on a blockchain. Unlike cryptocurrencies which are mutually interchangeable (fungible), NFTs cannot be interchanged. NFTs can be used to represent physical items, people’s identities, or properties. As all NFTs are entirely different from all others, thus they are ideal for uses such as ticketing.
What are the advantages of using blockchain and NFTs for ticketing?
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