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   902

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.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   95

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.