Project Ice Breaker was a joint venture between the Bank of International Settlements and the central banks of Israel, Norway and Sweden looking at how to facilitate cross border payments using CBDC's.
COTI has been working with the Central Bank of Israel working on a solution for the Digital Shekel. This example using someone selling a concert ticket online was part of the presentation that highlighted how smart contracts and privacy remove third parties making the transaction secure and safe.
The buying of a concert ticket internationally is actually a very good example because we all know this can be very risky. Using garbled circuits that encrypt information both parties can make a transaction securely by passing a site like ticket master which charges service fees. The other savings is also done using CBDC's in foreign exchange conversions.
I gather with this example having been released now means that this is possibly one of the 100 new apps that has or is being developed for COTI V2 which s the COTI privacy token launching later this year.
The involved parties deposit their items into a smart contract with x amount of CBDC from the buyer and an NFT being the ticket in this case from the seller. The smart contract converts the Digital Shekel into a digital USD at a fixed conversion rate by a fixer handling the smart contract and once everything has been confirmed will the transaction be completed. Thinking about this how would the ticket be confirmed it is not a counterfeit as who would know?
This concert/sport/event market is worth an estimated $4 billion per year and is still growing. What is holding this market back is the chance of being ripped off buying a counterfeit ticket and this is always in the back of your mind. I know this as I purchase sport tickets and the concern is very real. Anyone who can launch a site offering a solution guaranteeing what you are purchasing is legitimate will definitely take the market share immediately.
Smart contracts will remove the risks plus at the same time reduce the costs of having to pay the fees sites charge along with the credit card fees and foreign currency conversion rates. I would use this type of smart contract if I knew I was purchasing the genuine item and will wait and see how they solve this issue.
An interesting take from this presentation was the Bank of Israel demanded that their Digital Shekel had privacy and must have been a big reason for COTI to move in that direction developing COTI V2. There must be thousands of similar cases where RWA are involved and this is going to be a big time for crypto with the crossover use cases dealing and solving real world problems. Crypto we all know is ideal for payments and what is going to bring mass adoption.
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Very cool. Fees for tickets in general are ridiculous. Even when you buy them the first time.