Tokenization firm AlphaWallet partnered with the Union of European Football Associations (UEFA) for the upcoming European Football Championship, ‘Euro 2020′. Via Ethereum integration, Alphawallet plans to put around 20,000 tokens on the custom blockchain backing the tournament tickets.
According to reports, Victor Zhang, CEO of AlphaWallet, stated,
“If we can convert 50% of the digital event tickets into blockchain tokenized tickets, the new adoption number is already greater than the current total blockchain users worldwide (42,290,000 ).”
Zhang noted that more than 20,000 new users would experience blockchain technology without their knowledge, as their tickets will already be tokenized and secured on the blockchain. He further added that the UEFA executive sales agent would be providing the funds, tickets, and authority, while the AlphaWallet team would only offer the technology.
The Ethereum based wallet application had already tested this new tokenized ticketing system during Russia‘s FIFA World Cup, back in 2018. The company had then tried to find solutions to fraud, scalping, and lack of regulation in the secondary market.
Zhang further added that since the tickets will be issued on the Ethereum blockchain, the authenticity of the ticket is verified instantly, thus allowing the peer-to-peer transfer of tickets and also helping curb the distribution of fake tickets. Additionally, if the person who bought the tickets wishes to re-sell them, they can do it on the chain, just like transferring crypto coins.
In 2019 alone, Zhang noted, there were 941,400,000 digital ticket users worldwide. He further commented saying,
“Although the technology is not yet ready for complete tokenization of the global economy, it’s close. There are hundreds of missing pieces that need to be developed in order for full tokenization to occur.”