[English translation] The future of tickets that blockchain technology will change

I have heard several times that blockchain technology could greatly change ticket services. This translated article discusses, from the current ticketing situation, how smart contracts might solve it… and mentions that there are billion-dollar-scale business opportunities hidden there.

It's a bit long, but quite interesting content, so let's read it in Japanese first.

The Future of Tickets That Blockchain Technology Will Change

A ticket is a kind of contract. Ticket companies often add about 5% in fees just to manage and issue tickets. With blockchain technology, could we offer more secure tickets at a fraction of that cost? I believe it is possible.

In this article, I will analyze the functions of tickets, discuss the main problems, and then propose ways to realize a ticketing system using smart contracts. Finally, I list blockchain-based systems I know. Now, let's begin.

Today's Tickets

A ticket is a contract. From airline tickets to lotteries and season passes, all tickets are redeemable. In other words, tickets embody the value you will obtain in the future. Tickets come in paper or plastic, metal-printed forms, digital forms, and combinations of these. A ticket has one or more of the following properties.

As you know, there are many possibilities. Almost every ticket includes legal text somewhere. It is often written in the form of “Terms of Service” or “Terms of Use” on websites or on the ticket itself.

Tickets inherently carry risks. Losing a ticket, leaving it at home, forgetting the date, tearing it, or having to cancel—all these risks vary. For about 35 years, the basic process for paper-based tickets has been digitized without changing the fundamental workflow. Now is the time to reevaluate the essence of tickets and consider how they should be issued and used.