NFT Event Ticket Lending via Blockchain Smart Contracts
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Solution Overview
Problem
Current digital ticketing systems lack infrastructure to securely generate, manage, and lend non-fungible token (NFT) event tickets, especially in scenarios involving third-party transactions, leading to issues with ticket authenticity and traceability.
Innovation Solution
A decentralized system using smart-contracts on a blockchain infrastructure for generating and lending NFT event tickets, involving a ticketing authority and promoter authority, ensuring secure, traceable, and transparent transactions through unique identifiers and access control.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If digital tickets are hosted on centralized servers, then ticket management is simplified, but security and privacy requirements increase complexity and processing time
Solution Approach 1:
The patent replaces centralized server-based ticket management with a blockchain-based distributed ledger system. Smart contracts automatically handle ticket issuance, validation, and transfer operations, eliminating the need for complex centralized data processing while maintaining security and privacy through cryptographic verification of ticket ownership and event details.
2Ease of operation
If conventional digital tickets are used, then ticket distribution is easy, but ticket copying and forgery become possible
Solution Approach 1:
The patent implements NFT-based tickets as unique digital assets on the blockchain that cannot be copied or forged. Each ticket is minted as a distinct token with unique metadata, and the blockchain's immutable ledger ensures that only one valid instance of each ticket exists, preventing duplication while maintaining easy digital distribution through cryptographic transfer mechanisms.
3Reliability
If blockchain infrastructure is used for NFT ticketing, then ticket authenticity and traceability are improved, but infrastructure complexity and adoption barriers increase
Solution Approach 1:
The patent creates a universal NFT ticketing system where a single blockchain infrastructure supports multiple event types, ticket categories, and use cases through configurable smart contracts. The system provides standardized interfaces for ticket issuance, validation, and transfer that work across different events and organizations, reducing infrastructure complexity through reuse and standardization while maintaining high authenticity and traceability.
4Reliability
If NFT tickets are issued to owner entities, then ownership is securely established, but lending to third parties lacks infrastructure support
Solution Approach 1:
The patent implements dynamic permission management in NFT tickets through smart contracts that allow the owner to grant temporary access rights to third parties. The ticket metadata includes configurable access control lists and validity periods, enabling the owner to lend the ticket for specific events or time windows while maintaining ultimate ownership and the ability to revoke access. This dynamic approach maintains ownership security while adding versatile lending capabilities.
Data Source
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AI summary
The present application relates to a system for generating and lending of event-tickets in a distributed ledger, and discloses an infrastructure and processing scheme involving different computational authorities (10, 20). A ticketing authority (10) deploys smart-contracts (11) in a blockchain (1), which are configured to generate NFT tickets and to assign them to owner entities. In addition, a promoter authority (20) deploys smart-contracts (21, 23, 24) in the blockchain (1), which are configured to create events and periods associated to each event, to which the event-tickets being provided by the ticketing authority (10) are to be associated and later transmitted to a borrower entity. Due to the execution and deployment of smart-contracts, the event and event-ticket generation process, as well as the access to the respective metadata, reside in an immutable form on the blockchain (1), thus enabling a secure, traceable and transparent solution for generating and lending event-tickets.