ICONLOOP and ARTnGUIDE apply blockchain technology to art
Local blockchain company ICONLOOP inked a partnership with ARTnGUIDE, Korea’s first online co-purchasing platform for art works operated by Yeolmae Company. What is the partnership about? The partnership aims to prevent forgeries and theft by recording the ownership of jointly purchased works of art on the blockchain. Transactions can be more transparently managed as well. For this partnership, ICONLOOP will use its blockchain service Broof. "Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market," said Kim Jong-hyup, CEO of ICONLOOP. "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." What is Broof? Broof is ICONLOOP's blockchain-based certificate issuance service. This service supports certificate issuance, storage and the prevention of falsification based on the ICON public blockchain network. What is Yeolmae Company? Yeolmae Company was founded in November, 2016, to popularize and vitalize the art trading market. It operates ARTnGUIDE as well as Art Lounge "Chiehwadam," an offline space for group purchasers. The company is currently managing the co-purchasing of works by Korean artists such as Lee Joong-seop, Kim Hwan-ki and Lee Woo-hwan. It is considering expanding its business to trading art works by foreign artists. In November 2017, it was selected for the Tech Incubator Program for Startup Korea (TIPS) run by the Ministry of SMEs and Startups. It has been developing technologies to analyze the price of artworks using artificial intelligence and big data. It is pursuing businesses that could create synergies between the art business and digital technologies. Parker’s note Many projects bringing together blockchain technologies and art have already been introduced largely due to the scarcity of artworks. Join:D has also looked into a project dubbed Arteia. Like other areas of blockchain, the project calls for much improvement, but as an art fan myself I hope such projects become a good use case for blockchain technology.