The 2024 Olympics is all set to be the Playground of Blockchain



The Blockchain-based tickets exist for Paris 2024 Olympics, as recommended by French Government

In a first for major sporting events, the tickets to the Paris Olympics 2024 might be based on the blockchain. The French Government’s Olympics committee is willing to run the Paris 2024 Olympic Games with minimum security risks for fans. So the tickets to the Paris 2024 Olympics might be sold as NFTs at least that’s what the French Government’s Olympics envoy recommends. This aims at the protection and the privacy of the fan and the certainty that tickets will not be transferable.

As decentralization continues to secure every sector, Blockchain Ticketing has been suggested by the Government. This would bridge the gap between the worldwide dimension and local management. This suggestion came after Paris witnessed the ticket fraud in the Champions League final between Liverpool and Real Madrid. So the organization may incorporate blockchain technology into its ticketing system and supply viewers with non-transferable, individualized passes.


Blockchain-based tickets for 2024 Paris Olympics:

Blockchain-based tickets exist in the buyer’s electronic wallet. It allows event organizers to track tickets after they have been sold. Tickets should be non-transferable and sent by the organization a few days before the start of the Olympics. This innovative system should reduce the risk of ticket fraud. All tickets are securely connected to the purchaser, and these transactions, as well as any others related to the specific tickets, are recorded in the blockchain.

The ticket can also be registered using a rotating QR code that will be deactivated immediately after the ticket holder has entered the venue. These secured tickets would only be active within a virtual perimeter and would then correspond to the security perimeter of the site. The tickets in turn would be first checked during pre-filtering and have their tickets deactivated once they enter the venue. These provisions are already planned for the 2023 Rugby World Cup and the Olympics and Paralympics 2024.

Individuals can get instructions via digital channels on issues such as how to reach the venue from each district. Cadot also suggested that other important sports events can see the introduction of blockchain ticketing using blockchain to govern transactions including ensuring that ticket pricing is kept fair, even when resold, and the ability to distribute royalty payments to artists or event organizers for each transaction. The personalization of tickets will enable ticket holders to receive interactive messages concerning issues such as transport, security, and entry to the venue.

This is not the first time a country’s Olympic committee has tried its hand at Web3.In Tokyo Olympics, Indian winners were rewarded by Bitbns exchange with crypto assets in addition to their medals. Olympic participants are no strangers to NFTs. For instance, the UK Olympic team released its own NFT series the previous summer. For blockchain technology, implementing the changes would be an enormous boon.