Young’s Fine Art start using Blockchain.
Young’s Fine Art has announced a partnership with Shanghai Jiulian Technology Ltd, becoming involved in the development process of Bidpoc Project. The objective of the Bidpoc project is to provide art transactions with a stable and reliable data platform by linking the complete information of the ecological chain with Blockchain technology.
The works of art that have already been registered in the database will have physical identification marks by the unique and mature encryption technology and Bidpoc validation, with the aim of the authenticity of the information of the database. The Bidpoc Project aims to integrate transaction data to provide detailed data query support for buyers and sellers in the auction transaction process.
The project links the full information of the ecological chain along with distributed accounting technology and records all the information and transaction data in a self-developed authoritative ledger. This authorized ledger will control the system access authority that only specific authorized users can edit and amend records and which helps ensure authenticity and decentralized consensus.
In this cooperation, Young’s Fine Art will be one of the shareholders of Shanghai Jiulian Technology Ltd. Bidpoc, will have access to all the transaction data of art of more than 30 auction houses and art dealers who are long-term partners with YFA.
Founded in 2012, Young’s Fine Art specializes in the provision of artistic transaction services. Its aim is to bridge the gap between Chinese collectors and the global Chinese art market and focuses on delivering valuable global market information to locate art, provide an efficient business transaction and ship items in a risk-free environment.
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