Young’s Fine Art Ltd, an England-based art company, has partnered with Shanghai Jiulian Technology Ltd to get involved in the development process of Bidpoc Project that uses blockchain technology to provide art transaction with a stable and reliable data platform.
The project links complete ecological chain information, together with the distributed ledger technology and will record all the transaction information and data on a self-developed permissioned ledger. This permissioned ledger will control the access authority of the system that only specific authorized users can edit and amend the records and that helps secure the authenticity and the decentralized consensus, the release stated.
With the aim of guaranteed authenticity of database information, the art works that already been recorded in the database will have physical identification marks by Bidpoc’s unique and mature encryption and validation technology. Bidpoc Project aims to integrate the transaction data to offer detailed data query support for buyers and sellers in the auction transaction process.
With the collaboration, Young’s Fine Art will become one of the shareholders of Shanghai Jiulian Technology. The project will get access to all the art transaction data from more than 30 auction houses and art dealers who are long-term partners with Young’s Fine Art.
Founded in 2012, Young’s Fine Art is specialized in providing art transaction service. It aims 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 the items in a risk-free environment.
