Quara Holding, based in Saudi Arabia, recently announced a partnership with B.A.M Ticketing, a blockchain-based ticketing solution provider that allows event organizers to issue tamper-proof tickets and control the whole ticketing lifecycle.
The new partnership between Quara Blockchain and Quara Holding intends to provide total ticket control to all event organizers in the Kingdom in order to eradicate ticket fraud and keep track of the tickets sold. Each ticket is made with the most up-to-date blockchain and NFT technologies (Non-Fungible Token). They are 100% traceable and securely linked to the purchaser, removing bogus tickets from the secondary market. All tickets are issued on a blockchain network, which eliminates the risk of scalping, unfair pricing, and fraudulent transactions while allowing the secondary market to add value.
Ziad El Chaar, C.E.O., Quara Holding, said: “We are delighted to work with B.A.M Ticketing to provide tamper-proof tickets with the latest blockchain and NFT technology to the Kingdom. This partnership is a major milestone for the Saudi entertainment event industry, enabling them to set ticketing rules, control the full ticketing lifecycle and enhance the user experience.”
He added: “Nowadays, it’s relatively easy to forge tickets and resell them to secondary markets. There is also limited care in identifying each participant entering events. It is a strategic imperative to provide blockchain-based tickets to ensure security, increase trust and transparency that will further support the growth of the entertainment sector in the Kingdom.”
George Mueller, Managing Director, B.A.M Ticketing, said: “We are incredibly proud to work with Quara Holding to offer the latest blockchain and NFTs ticket service to increase security and control the ticketing ecosystem. Ticket scalpers buy large numbers of event tickets with the sole aim of reselling them at a high profit with an average of 70 per cent markup above the initial purchase price. Blockchain technology is being leveraged as a solution to control the entire ticket cycle while NFT tickets offer an easy way to gather information about how and where your tickets are being (re)sold.”
The entertainment industry in Saudi Arabia is booming, and with the rise in large-scale events, Quara Holding’s new digital ticketing service will be a game-changer for event organizers across the country, providing them with a secure ticketing option. This will help to achieve the goals set out in Saudi Vision 2030 and the Digital Transformation Programme for the tourist, leisure, and entertainment sector.
