It is estimated that at least 50% of all works of art in circulation are fakes. A major role in verifying the authenticity of art masterpieces is played by the provenance – traced history of ownership for a specific work of art. Today it is mostly stored in the paper documents format, which is why there are so many disputes on the authenticity of these very documents. Any little discrepancy found in provenance documentation greatly reduces the level of trust between potential buyers and sellers.
The problem with the transparency and reliability of the information stored in provenance is a serious threat, which has already cost galleries and collectors millions, if not billions of dollars. Despite the fact that the huge amount of money are at stake, art experts still can’t prove the authenticity of the artwork with 100% certainty.
Authentication is a very expensive procedure. According to the minimal estimates, it costs from $ 6 million. But in addition to authentication of the works of art themselves, there is a huge need in verifying the provenance. ENDO Protocol offers a reliable solution for both needs, which consists of storing information on an NFC chip and a multi-signature system.
For example, in order to create a new record in the Blockchain about a new owner of an artwork, it will need a signatures of the previous owner and an expert. Without them, the data will not be verified and stored in the decentralized network. Since all the data in the Blockchain is immutable, there will also be no possibility to change or somehow manipulate the data after it has been entered into the Blockchain.
ENDO Protocol’s ecosystem provides a safe and transparent environment, where all the important information, indicating the authenticity of the item, its price and other information can be stored in one place and requested in a few clicks. Just one small NFC chip, built-in under the canvas or other secluded place on the body of the artwork, will contain exhaustive information related to the experts’ judgement: the image of the object in high resolution, its name, the name of the author, all the certificates and other data.
ENDO Protocol will increase the overall level of trust and transparency in the industry, making the creation of counterfeits meaningless. It will also create a comfortable environment for communication between the connoisseurs of art, private collectors, investors, galleries and artists as well as for arranging the auctions.
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