YellowHeart, a proposed new ticketing platform with backing of major artists and industry executives, hopes to put a controlled damper on scalpers who upcharge ticket prices for resale on the secondary market.

Related: The Capitol Theatre Announces Transition To Ticketmaster For Ticketing Services

Announced on Monday, YellowHeart was founded by Josh Katz and has the investment backing of popular EDM/pop duo The Chainsmokers along with Disruptor Records CEO Adam Alpert. According to a report shared by Billboard, YellowHeart brands itself as the first “socially responsible” live events ticketing platform, which gives participating artists the power to dictate how their tickets are sold and resold. Artists will also have the power to set the price ceiling for tickets being resold on a public blockchain and be able to decide who profits from the resale.

“The plague of the scalping industry is something I’ve talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution,” Katz explained in a statement to go with the report. “While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution. Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else.”

“We’ve been outspoken about the issue of scalpers for years, and are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans,” Alpert also added. “As we continue to build this platform, we are focused on the issues that matter to us and our peers across genres.”

YellowHeart is expected to launch at some point in 2020, likely before the start of summer festival season in late spring. Head to the YellowHeart website for more info.

[H/T Billboard]