By ICONLOOP, a tech company behind the popular cryptocurrency ICON and one of the biggest blockchain networks in South Korea, has revealed on August 20 that it will apply its blockchain-based certificate issuance service ‘broof’ to ‘ARTnGUIDE’, the first online art co-purchasing retail service in Korea which is operated by the Yelomae company.
ICONLOOP is now in a strategic partnership with the Yeolmae Company aiming to prevent any kinds of forgeries and theft of artwork that is purchased jointly, by storing all the sensitive information in the blockchain. All information will be managed reliably by ICONLOOP and this will provide complete transparency.
Jonghyup Kim, CEO of ICONLOOP commented on this partnership stating:
“Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market. Through 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.”
About ‘broof’
‘broof’ is ICONLOOP’s very own blockchain-based certificate issuance service, launched on May 30 2019, completely developed on the ICON public blockchain. This ensures the storage and prevention of falsification of certificates issued by broof. The company is building a reliable and transparent certificate issuance system and plans to expand its uses to various other sectors. With the aim of accelerating mass adoption of blockchain, broof also helps authorities to reduce the cost of issuing and storing paper documents which can be tampered with as well.
About ‘ARTnGUIDE’
‘ARTnGUIDE’ is the first online service platform in Korea that allows you to co-purchase artworks. This service helps people invest in artworks that would otherwise be really costly by letting multiple users own a single piece of art with small investments. Previously they were in a partnership with the Ethereum blockchain which only stored the details of ownership on the Ethereum blockchain. The recent partnership with ICONLOOP allows them to record ownerships alongside the images of art on the ICON public blockchain.
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