Fans of live music, sporting, and other events have been suffering. From online ticket scalping to fake tickets, they are being robbed of money, time, and the chance to attend their favourite events. Now, Platinum Digital offers the solution – an innovative blockchain approach to protect ticket sales.
The company, based in Los Angeles, relies on a blockchain digital ledger that tracks online transactions. This patented technology has been evolving since Platinum Digital’s foundation in 2018, and it allows Platinum Digital to secure tickets; tackle the exorbitant prices charged by Ticketmaster, scalpers, and other resellers; and ensure fans buy verified tickets and get to see their events. They can even set maximum price caps to safeguard against extortionate resale prices, which have, in recent news, attracted lawsuits and even the scrutiny of the US Congress.
One such lawsuit includes litigation recently filed against Ticketmaster for alleged monopolistic and uncompetitive practices, CBS reports. Critics claim the website has allowed scalpers to flourish by using bots to buy up many tickets almost instantly for high-profile events, such as tours by Beyoncé and Taylor Swift, to resell them at extremely high prices.
The Platinum Digital approach to protecting ticket purchases is available in the Apple Store, and each ticket purchase comes with a one hundred percent money-back guarantee.
What is it?
“Platinum Digital isn’t a digital currency; it’s a way to safeguard the fan experience by protecting online ticketing,” says Joseph Goulet, Platinum Digital’s founder. “It’s a feature of the blockchain itself. Every ticket is a unique digital asset, which can’t be illegally transferred or manipulated.”
The blockchain method ensures that tickets are tracked to the fan buying access to an event, meaning they are guaranteed entry. And it stems from a problem that Goulet encountered when he bought tickets to a hockey game in California from an online ticket vendor, only to find out they had already been used and, therefore, could not be used again.
The story behind the innovation
“This was even before I founded Platinum Digital and was still a mechanical engineer. I was just a fan that wanted to take some clients visiting from Alaska to an Anaheim Ducks game,” says Goulet. “When we found out our tickets had already been scanned and were no longer valid, it ruined the day for us and cost me valuable time and money. But the positive aspect in all of this is that it inspired me to find a solution, and now I finally have it.”
To develop the patented blockchain approach that forms the bedrock of Platinum Digital’s novel approach to online ticket sales, Goulet teamed up with more than ten entertainment and ticketing experts. These professionals brought powerful industry knowledge from working with sports teams, Meta, and more, equipping the Platinum Digital team with the insider advantage needed to fix the problems.
“From the very first idea of launching Platinum Digital to the launch of our app now, our primary mission has always been consistent – to protect fans and their experiences,” says Goulet.
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