ICONLOOP, South Korea’s leading blockchain network is all set to apply its blockchain-based certificate service ‘broof’ to ‘ARTnGUIDE’, the first online service Korean platform for co-purchasing works of art. The partnership marks the first case of applying blockchain-based certificate issuance service to the art market.
The partnership seeks to help in preventing cases of forgery and theft by storing details of jointly purchased artworks on the blockchain, thus, helping in reliable management and maintaining transparency. ‘broof’ supports storage, certificate issuance, and prevention of falsification on the ICON public blockchain network.
From The CEO’s Desk
Jonghyup Kim, CEO of ICONLOOP expressed this enthusiasm and said,
“Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market.”
“Through the cooperation with Yeolmae Company, which aims to popularize the art culture and vitalize the market, ICONLOOP will work together to protect intellectual property rights and prevent counterfeiting.”
While several crypto projects are yet to recover from the prolonged altcoin winters, ICONLOOP seems to be keen on innovation. The previous month ICONLOOP launched its decentralized passport service.
The system utilizes the decentralized identifier (DID) protocol on the ICON blockchain. Additionally, users can store their information on the DPASS app. Also, they can enjoy various services on the platform without reconfirming their identity.
Furthermore, as an additional security measure, DPASS works with ‘broof’ which enables the storage of tamper-proof security certificates. The platform is well suited to work with a large number of online and offline services which require such advanced security layers.
Close Connections with the South Korean Government
ICONLOOP enjoys close connections with the South Korean Government. Recently, the Financial Services Commission (FSC) added ICONLOOP’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’.
The digital ID system is useful for non-face-to-face verifications when opening bank accounts. Interestingly, 18 companies, which include banks, securities firms and e-commerce companies, have expressed their interest in participating in the Innovative Financial Service project.
At press time, ICX is trading at $0.213603 with a marked increase of 4.49% in the past 24 hours.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.