Follow these steps:
Dolphin extracts the Title Key from the Ticket (decrypting it using the Common Key). It then uses this Title Key to decrypt the content blob. wii wads for dolphin
This is the "trust anchor." It contains a series of signed certificates (X.509-ish) that validate the TMD and Ticket. It proves Nintendo (or the "debug" keys for homebrew) authorized this software. Follow these steps: Dolphin extracts the Title Key