How Verisart Onboards Blockchain Certification to Verify Artwork? Ever heard of art verifying its authenticity? Verifying the authenticity of fine art has become a rationale. Without authenticity, art itself can become worthless.
If you’ve ever been to an art gallery or shopped online, you might have noticed that certificates of authenticity and condition reports are the services that people look out for while purchasing collectibles or buying art (online and offline).
But hey, haven’t you heard of blockchain?
With the rise of blockchain technology, verifying the authenticity of such things has come within the reach of many today.
Verisart, a startup based out of L.A. has now launched decentralized technologies to help collectors and artists from around the world find new ways to certify, authenticate, and verify their work. Who would have thought of such an unusual idea?
Well, Verisart did. The idea was to use the decentralized permanent ledger, an immutability feature that can create a blockchain to the fine art market in an attempt to verify all the artwork. The idea sounded great, but the implementation would be much more difficult that the idea thrown.
However, Robert Norton, Founder, and CEO of Verisart who previously made several attempts would not hear no for an answer. Persistence helps him bag three major deals so far, the first of its kind in the auction market.
Verisart now launches the “P8Pass” in partnership with Paddle8, bringing blockchain certification as well as authentication in the auction market.
What does P8Pass do?
The P8Pass provides buyers, partners, and consignors with the benefits of an auction running on paddle8.com. In the form of a distinct fingerprint on the Bitcoin blockchain, each P8Pass that is passed carries comprehensive provenance data.
Alexander Gilkes, co-founder, and President of Paddle8 says it has the potential to reduce the number of transactions for trading that is done with art and collectibles. This further broadens the market by including new buyers encouraged by the simplicity of the authentication process that is offered by P8Pass.
CEO, Robert Norton says, the partnership with P8Pass and the strategic support provided by The Native SA helps extend the platform’s reach as one of the best choices for blockchain certification standards for all leading artists, galleries, and now even the auction partners. Ever since the idea exploded, Verisart had been busy.
What is P8Pass used for?
Currently, it is in talks of partnering with ArtSystems in an attempt of taking blockchain Technology certification to world-leading art galleries, making it the first art inventory management platform that will be integrating this kind of blockchain-based certificate for authenticity of art and collectibles – their very own kind.
It has also launched its hallmark for a bronze sculpture called the “Bronzechain” in partnership with DACS. This will be in combination with the use of the hallmark stamp and Verisart’s blockchain.
How will Verisart function in terms of authenticating? Verisart uses blockchain to give tangible works digital provenance that is simple to check both online and in real-time. This functionality helps artists, dealers, and collectors benefit alike.
Besides Verisart, there have been new players entering the blockchain technology market. These include names like Codex Protocol, Ascribe, and Monograph.
With over $67 billion in annual markets transitioning to peer-to-peer (private sales), technology can now help with trust and liquidity. Blockchain technology is thought to be able to alleviate privacy & security issues in the art market by using cryptography.
To maintain the confidentiality of buyer and seller anonymity and other sensitive data. Verisart is unquestionably the leading blockchain platform for the art and collectibles industries.
However, some other platforms and startups are now entering this growing market of certifying and verifying artwork instantly.