They buy up concert tickets, special sneaker releases, and limited edition prints from street artists within seconds of a launch. Almost instantly, these tickets and goods appear on resale sites with markups ranging from 100% to 1,000%. While music has never been more accessible, scammers and counterfeit ticket sales have never been more prevalent and expensive secondary markets for concert tickets have made seeing your favorite artists less attainable. Rob Schins is aiming to change that with his company, Blocktix.
Blocktix is a new platform that looks to solve these problems by utilizing Bitcoin’s Blockchain technology. Blockchain technology is essentially a database that is distributed. Distributed means that the blocks which make up the database are able to remain in sequential order, while not having to all reside (physically) in the same place. Blockchain’s defining feature is it’s ability to always validate itself without exception. In other words, once information is recorded to a block within the chain, it can not be altered without altering all the blocks that come after it. The end result is what is referred to as “an open, distributed ledger” which can keep records between parties that can permanently be verified. If all of this sounds confusing, you are not alone. If your curiosity has been piqued, there are many videos on Youtube as well as countless articles around the Web where you can learn more.
I sat down with Rob Schins, CEO of Blocktix, to learn more about his developments.