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20,000 EURO 2020 Tickets To Be Sold on Blockchain

EURO 2020 (Photo Credit: Reuters)

EURO 2020 (Photo Credit: Reuters)

UEFA in partnership with AlphaWallet will tokenize 20,000 VIP tickets for the UEFA Euro 2020.

UEFA has tied up with Ethereum mobile wallet provider AlphaWallet to tokenise 20,000 VIP tickets for the UEFA Euro 2020. This is, in fact, the second time that AlphaWallet will be working in football after they had partnered with the Chinese sports organisation Shankai for the FIFA World Cup.

Tokenising tickets will help fans as service providers can verify them without having to connect to UEFA's centralised ticketing system.

Victor Zhang, CEO of AlphaWallet, explained Digital Journal that tokenising tickets will "lower ticket prices, due to a healthier and more efficient marketplace", as well as, "the entire process of ticket circulation can be monitored (both Primary and Secondary market)."

"No more paper, No more Sign up/log in, No more Copy/Paste," he added.

Zhang also added that it will help lessen the effect of exorbitant prices on tickets. "It means no more primary or secondary market, there will be only one free, open and regulated market. Free means (fewer) fractions; (open means) open to anyone who wants to participate; Regulated means rules are defined using smart contracts," Zhang said.

Zhang said that "a user can access the UEFA's official partners' services to enjoy discounts on accommodation, flights, insurance, land transport, shopping, food and whatever services without signing up for an account with each service and go through the long process to verify you really have a real ticket."

UEFA too can regulate the sales of tickets, using a smart contract to restrict the number of resales of a ticket, the maximum profits resellers can get.