Collectors of the world’s most valuable assets in the form of art and collectibles can attest to the high dollar amounts that are tied up in these investments. It certainly extends beyond simply hobby-ship as billions of dollars are exchanged annually in the commerce of art and collectibles.
The global fine art market was valued at $39 billion just two years ago. Transactions that used to be accomplished with just a handshake and a cash transaction can no longer be securely completed in that way. Luckily, some tech has risen up to ensure that the transaction of value through art and collectibles remains secure.
Codex Protocol uses blockchain technology to record and verify transaction information.
Blockchain is Improving Many Different Aspects of Our World
To first understand what it is that Codex Protocol is doing, it might be best to get a little background information on blockchain and how it is revolutionizing our world.
If you have heard of blockchain but aren’t entirely familiar with its use, you may relegate the tech to the financial sector – specifically as it relates to cryptocurrency. This association is because the creator of Bitcoin, Satoshi Nakamoto, popularized the technology through his usage of it with Bitcoin.
Blockchain is defined as, “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” Blockchains are now used to record transactions, maintain records, and verify ownership information in hundreds of applications.
How Codex Protocol Uses a Blockchain
Similar to the peer-to-peer currency trading system popularized in Bitcoin, Codex Protocol uses their blockchain protocol to make transactions of high-dollar art and collectible items more secure.
Blockchain technology brings a lot to the table for transactions.
- No need for a third-party to facilitate the transaction
- Enables non-reversible or “scam-proof” transactions
- Decreases upcharges of payment processing institutions
- Prevents double-charging or double-spending
The CEO of Codex Protocol bills the system as, “A decentralized title registry for the $2 Trillion Art & Collectibles asset class”
Codex Protocol’s services extend beyond just securing and registering all transactions, however.
Codex Protocol has a platform that allows for the purchase of collectible items, not just secured by technology borrowed from cryptocurrency, but actually using cryptocurrency. Biddable, an app “built right on top of the protocol” allows for registration and payment of auction items using cryptocurrency at over 5,000 auction houses globally.
One of the primary partnerships Biddable has is with LiveAuctioneers. LiveAuctioneers is an online marketplace that holds virtual auctions for collectible items of high value. A quick glance at LiveAuctionners reviews reveals that they are a great source of access to some of the items offered by the world’s auction houses.
The Minds Behind Codex Protocol
While Codex Protocol is not fully-launched and is still in development in many ways, the team behind it is impressive regardless. We want to take a look at some of the members on staff for Codex Protocol as well as some of the recognized advisors of the team.
The CEO of Codex Protocol is Mark Lurie, a Harvard Business School graduate and founder of Lofty, a popular online art and collectible marketplace. Lurie has eight other team members with roles from research to programming.
While that is the entirety of Codex Protocol’s official team, the group has some officially recognized advisors that certainly contribute to the validity of the project.
For example, Brook Hazleton. Hazleton is the current president of Christie’s auction house for the Americas. Christie’s is one of the most widely recognized auctions for luxury art and collectibles.
Alongside Christies is another widely-known auction house – Sotheby’s. Luckily, Sarah Shinn Pratt, the former VP of Sotheby’s, is also a recognized advisor for the Codex Protocol team.
We have no doubt that Codex Protocol is just as revolutionary as say Uber or AirBnb. Why? Because the same guy who invested in those early on is a recognized advisor for Codex Protocol – Fabrice Grinda. Grinda also founded OLX, a classified ads site that is similar to craigslist operating in 45 countries. OLX is the largest online classified ads company in Pakistan, Brazil, India, Bulgaria, Poland, Portugal, and Ukraine.
The Applications of Codex Protocol are Endless – 2018 is the Tip of the Iceberg
While some applications for Codex Protocol are obvious, it’s likely that we haven’t fully settled into the blockchain based technology just yet. As time progresses, we will certainly discover new applications and other adopters of the tech will arise.
At the time being, neither Sotheby’s or Christie’s have commented on intentions to use a product like Codex Protocol, but we believe it’s likely in the near future. Especially, considering the advisor-ship of the team for Codex Protocol.
What will blockchain technology revolutionize next?