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UEFA will tokenize tickets to the EURO 2020 Cup

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The close partnership between UEFA and the specialist in AlphaWallet tokenization will meet for the first time millions of football fans and cryptocurrency enthusiasts. And it will do so during one of the most anticipated sporting events of next year: Euro 2020, the European Football Championship next year.

This is not just another example of a real life application for Ethereum blockchain. This is the largest offer of token issuance solutions in the global sports entertainment industry.

In detail, more than 20,000 tickets will be tokenizedproviding advantages for all: consumers, organizers, places and participating teams. The group is also preparing other ticket-based services, such as hospitality and transportation.

The starting point for mass blockchain adoption

Victor Zhang, CEO of AlphaWalletHe explains that UEFA's exclusive sales agent will provide the funds, tickets and authority (trust anchor), while his group will offer the necessary technology.

«Ticket sales for events is the best starting point for the mass adoption of blockchain technology.

In this industry, all interested parties (event organizers, official / unofficial resellers, end users and artists) can instantly benefit from tokenization of tickets. In the Eurocup 2020, for example, more than 20,000 new users will experience blockchain technology without even knowing it, since your tickets will already be tokenized and secured in the blockchain chain ».

AlphaWallet has already tested this new symbolic ticket system in the 2018 FIFA World Cup in Russia. During the gigantic event, the company tried to solve some of the biggest problems facing the ticket industry. In particular, those related to fraud, scalping and lack of regulation in the secondary market.

The tokens solve fraud and scalping problems

AlphaWallet has worked with the exclusive agency that works for FIFA to issue tickets using the non-fungible standard ERC875 and TokenScript. Twenty-eight customers who had never handled cryptocurrencies before used virtual tokens to enter the stadium.

Smart contracts They can help resolve cases of ticket fraud by offering solutions to more effectively regulate the secondary market. They also help implement an automated exchange system that allows ticket holders to sell and transfer their tickets to other people safely and smoothly.

As mentioned earlier, the tickets will be issued on the Ethereum blockchain, where an individual and immutable accounting book is saved and recorded to verify the authenticity of the ticket. This allows the peer ticket transfer, as well as attendance monitoring. In addition, this system guarantees a certain price stability even for the most important events.

Tokenized tickets can be used in any Ethereum wallet compatible with TokenScript. In AlphaWallet, there is also an Ethereum wallet that can be used to present additional blockchain applications to Euro 2020 “digital” ticket holders.

The tokenization of the global economy is just around the corner

Shankai will further expand the ticketing solution used for FIFA and UEFA in a blockchain ticket / coupon platform Not only does it allow event organizers to easily issue tickets, it will also allow several companies to issue tokenized coupons for various products or services.

Only in 2019, there were 941,400,000 users of digital tickets for events worldwide. To understand the potential of the ticket industry, Zhang makes an interesting calculation.

"If we are able to convert 50% of tickets for events into tokenized blockchain tickets, the new adoption number is already greater than the current total of blockchain users worldwide (42,290,000)."

Although the technology is not yet ready for a complete tokenization of the global economy, according to Zhang:

"Is near. There are hundreds of missing pieces that must be developed for complete tokenization to take place ».

The manager draws a parallel with the Internet:

«Internet cannot work with multiple TCP / IP and without HTML. We are working on an HTML solution for tokenization, which is called TokenScript.

Also frankly, the business model is not ready either. As technology providers, everything becomes protocols and tools; there are no new big platforms like Amazon, Facebook ».

Not to mention the fact that today, ticket companies are not yet equipped to tokenize ticket rights.

However, there are three factors that will change this. First, the case where "token issuers like tickets and find a direct benefit." Second, there is the possibility that token issuers in another sector, such as insurance, take the first step, for example, tokenizing travel policies as a result of a service tokenization. Finally, another possibility could be a growth in the number of cryptocurrency users.

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