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- Over 20,000 UEFA VIP tickets will be sold on the Ethereum blockchain.
- AlphaWallet will tokenize and validate the tickets.
In a new adoption case, the Union of European Football Associations (UEFA) has announced a partnership with AlphaWallet that will allow the public to purchase VIP tickets for the next tournament via the Ethereum blockchain.
Victor Zhang, CEO of AlphaWallet, made a statement on the alliance with UEFA. Zhang said that the cooperation will enable a combination of UEFA’s conventional distribution structure and blockchain technology with Ethereum’s smart contracts. The company led by Zhang worked with the Chinese organisation Shankai last year to contribute to the FIFA World Cup in Russia.
AlphaWallet aims to alleviate two problems facing the sports industry: Fraud and lack of regulation on the secondary market. Victor Zhang explained the importance of the blockchain technology:
Blockchain is immensely important for modern businesses. In today’s global economy, blockchain serves the role of what trusted third parties have played in economies of the past.
Zhang also talked about two important benefits of blockchain technology. The ability to create markets without friction and web integration. These principles have driven other blockchain projects, such as IOTA‘s cooperation in the automotive industry, agricultural supply chain, smart city development, among others.
Zhang believes that the first stage of blockchain development is over and that more projects with greater potential will now emerge. The partnership with UEFA will allow them to tokenize more than 20 thousand VIP tickets with blockchain technology.
Paper👎, PDF👎, Token🤔, Public Blockchain Token👍🤗, @ethereum Token👍😍🙋♀️🙋🏾🙋🏻♂️? @UEFA @UEFAHospitality @ShankaiSports https://t.co/rUhjBsE9Ky
— Victor Zhang (@Victor928) December 8, 2019
AlphaWallet: No more paper, no more records, no more copy and paste
AphaWallet’s CEO also spoke about the tokenization process and its advantages. The process involves using blockchain technology to allow event service providers to verify the authenticity of tickets without UEFA’s centralised system. Zhao said that VIP users could have access to an unlimited amount of integrated services at the entrance:
- Event Organizers and Artists
- Allowed unlimited service integrations through the ticket token without doing the traditional system integrations.
- Each ticket is an open API in the user’s hand.
- No more complicated business and tech process to integrate 3rd party services.
- Unlimited service integrations.
- Improved convenience through integrating services on ticket tokens.
In addition, tickets can be sold on the Ethereum smart contract platform. AlphaWallet is working with FIFA partners to develop a non fungible ERC-875 token. This will allow VIP users to exchange or send their tickets to each other or exchange a ticket for a product. The latter will address another problem in ticket trading, the secondary market. AlphaWallet’s goal is to create a single free market and make unregulated ticketing impossible.
The price of the Ethereum is at $128 and has had a positive movement of 1.41% in the last 24 hours.
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