Paddle8 is Set to Launch Art Authentication Service Based on Blockchain
Blockchain technology for art
Paddle8 an American online art auctioneer together with The Native, a Swiss tech company are starting a blockchain-based art authentication platform. For each artwork sold online, there will be a digital certificate called P8Pass and the information will be encoded on the Bitcoin Blockchain. The P8Pass certificate with the data encoded on Blockchain will be linked to digital directories, specialized literature and information from museum catalogs.
Each Paddle8 artwork purchased will be entitled to the certificate and direct access to ownership history which will include authorship information. This blockchain service was developed in partnership with US tech company Verisart which is among The Native’s minority investments. The service will allow buyers to check digital certificates in real time rather than relying on certificates from the previous owner.
After the data is recorded on the Bitcoin Blockchain, it cannot be modified without making the change transparent to all the owners. According to Paddle8’s longtime strategic advisor Tyler Winklevoss: “We have been seeing its application to the art space which is largely opaque as the tip of the iceberg in terms democratization and upending the status quo.”
This is not the first collaboration between The Native and Paddle8 because in January the Swiss tech company invested hugely in Peddle8 after Paddle8’s parent company became bankrupt. After the collaboration, the two started a project which facilitated the buying of art using digital currencies. It’s then that they also started working on using Blockchain in the art to ensure transparency and safe storage of data.
Nearly all companies are looking for ways to use Blockchain because of its accommodative features. Companies which have had data storage and sharing problems are turning to Blockchain for comfort since it ensures secure sharing of information, safe storage and faster transactions. Companies like Samsung are already using Blockchain to monitor their supplies all over the world.