ICONLOOP, the technical network from Seoul supporting the ICON (ICX) project, have announced they will issue blockchain-based certification, known as broof, that records the ownership details of co-purchased works of art from the Yeolmae Company’s online platform, ARTnGUIDE.
ICONLOOP has applied #broof to ARTnGUIDE, the first online service platform in Korea for co-purchasing works of art. This partnership is significant as it is the first case of applying blockchain-based certificate issuance service to the art market.https://t.co/ZFAjLm7br1
— ICON (@helloiconworld) August 20, 2019
Having signed a strategic partnership agreement with Yeolmae, ICONLOOP believe the transparency granted by the blockchain protocol will help to protect intellectual property rights, prevent forgeries and reduce theft of the artwork.
Yeolmae were founded in 2016 with the intention of popularising the art culture and galvanising the market. Their service provides a gateway for people, who wish to invest in high-cost works of art but cannot meet the full asking price, to purchase a share of ownership.
With their website confirming “…an interest in developing artificial intelligence and big data technology,” the online platform ARTnGUIDE was an early adopter of blockchain technology having previously used Ethereum to track art purchases but now believe ICONLOOP takes art ownership a stage further by recording images of the art on the ICON blockchain.
According to ICONLOOP, the idea behind issuing broof is to “…create a more reliable and secure certification system…” and they believe the partnership with Yeolmae “…is significant as it is the first case of applying blockchain-based certificate issuance service to the art market.”
ICONLOOP’s CEO, Jonghyup Kim, stated that the innovation will help drive sales as “Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalising the art purchasing market.”