Visa and Bitfy evolved during the program Visas for startups, a new solution for the sale and resale of tickets for events in Brazil that will be completely digital and based on blockchain technology. The tool focuses on giving ticketing platforms more control, preventing fraud and limiting the actions of scammers.
One of the biggest challenges in the entertainment and events industry today is the proliferation and resale of counterfeit tickets, leading to losses for both ticketing platforms and especially consumers who think they are buying a legitimate ticket.
Using blockchain technology, Bitfy will transform the digital but easy-to-copy tickets into non-fungible tokens (NFTs) registered in virtual wallets, which can be tracked and validated by buyers. Blockchain technology is the basis of cryptocurrencies, such as Bitcoin and Ethereum, for example.
This technology mitigates several vulnerabilities exploited by scammers, creating a reliable ticketing and resale network in which everyone involved is more confident that they are buying a genuine product at a fair price.
Another important factor is that event organizers will have a better visibility of the sale of their tickets, avoiding high sales figures. The result is a better buying and selling experience for everyone involved, modernizing and digitizing the entire events industry.
Visa is looking at tokenized blockchain solutions
The solution joins several other initiatives that aim to bring tokenization technologies to an increasing number of people in a simple and accessible way. The process of building a tokenized economy, which has already been implemented in other sectors, has helped connect companies and entrepreneurs to international markets, digitize and facilitate monetary transactions, and seek transaction security, as in this case.
“Through our strategic partnership, we have developed an innovative solution that strives for fairness and security in the buying, selling and resale of tickets, while trying to overcome the challenges of fraud and counterfeiting. Each NFT represents unique authenticity, giving users exclusive benefits and an unprecedented VIP experience. We believe that NFTs are the foundation of a new era for ticketing and personalized experiences, and we are excited about the future of the events industry. Our goal is to ensure safe access to fans’ favorite events, protect their interests and drive market growth. We are proud to lead this transformation that will positively impact the lives of countless people.said Lucas Schoch, CEO of Bitfy.
The project is the first developed by Bitfy since it became part of the Visa for Startups program. The program aims to identify startups with innovative projects and ideas for their acceleration ecosystem, in which they can develop solutions in a co-creation system, to meet the needs identified by Visa, partners and customers. Bitfy was one of four chosen in this round of Visa for Startups, out of more than 200 registered companies.
“The project presented by Bitfy is a demonstration of how innovative and creative the environment of Brazilian startups is, reinforcing the importance of the Visa for Startups program in looking for partners to contribute to our search for solutions that increase digitalization, security and usability offer to the consumer“said Cristiane Taneze, Executive Director of Innovation at Visa.
The project is in the advanced testing phase and should be presented to the public and partner companies in 2023.”We look forward to developing this project with Bitfy and seeing the results positively impact one of the sectors that moves the country’s economy the most.Tanez concluded.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
