Blockchain makes entrance into the world of fine arts

San-Francisco startup launched a project for tracing and verifying the origins of art pieces and collectibles
28 February 2018   987

Codex initiated a blockchain-backed system for trace and verification of the provenance for the market of arts, collectibles, antique and jewelry. The provenance is a crucial point in the operations with such items, as it directly affects the resulting price. It is also a very tedious and ungrateful process that involves sifting through countless number of certificates and receipts often leading to a dead-end. This state of things makes it easier for forgers to sell fake items of luxury.

Introducing a decentralized ledger in the area will allow an instant and real-time recording and tracing of the pieces of art, thus greatly simplifying the proof of provenance with details of the identity of an object, its chain of ownerships and most importantly - its authenticity. Aside from that, transactions are anonymous so that rich collectors may keep their identity a secret and yield a successful deal. The blockchain approach will cut the middlemen and the risk that goes with one person possessing critical information.

On February. 27 Codex announced a $5 mln investment from a hedge fund Pantera Capital with its portfolio made out of different blockchain projects.

Collectors have always balked at disclosing their assets to a central authority. Now, with the blockchain, they can prove ownership without compromising privacy. This will enable art and collectibles to flourish as a financial asset class,  resulting in a larger, better, and fairer market for collectors, intermediaries and artisans.

 

Mark Lurie

CEO, Codex

Another significant project of Codex is an application for bidding at auctions. The project's name is Biddable, and it allows all those who have a cryptocurrency fund to participate in auctions. With an item sold, its history gets instantly updated, artwork gets uploaded into the blockchain and a record is created so that other potential buyers can search for it easily in the future.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   55

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.