Press Release

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Press Release

ICONLOOP applies its blockchain service ‘broof’ to ‘ARTnGUIDE’, a service platform for co-purchasing works of art

2019-08-20 18:34
ICONLOOP, one of the largest blockchain enterprises in South Korea, has announced to apply its blockchain-based certificate issuance service ‘broof’ to ‘ARTnGUIDE’, the first online service platform in Korea for co-purchasing works of art operated by Yeolmae Company.

ICONLOOP has signed a strategic partnership with Yeolmae Company for this collaboration. This partnership aims to prevent forgeries and theft by recording ownerships of jointly purchased works of art on the blockchain, managing them reliably, and disclosing the details of transactions transparently.

‘ARTnGUIDE’ is the first online service platform in Korea for co-purchasing works of art. It contributes to the popularization of the investment in works of art and the market revitalization by providing the gateway to own high-priced art pieces, which have a high entry barrier in terms of price, with just a small amount of investments. Showing the significant difference from existing ETH-based service, which only recorded ownerships of arts on the Ethereum blockchain, the partnership with ICONLOOP not only allows “ARTnGUIDE” to record ownerships of jointly-purchased works of art, but also record the images of arts on the ICON public blockchain.

‘broof’, which is applied to ‘ARTnGUIDE’, is ICONLOOP’s blockchain-based certificate issuance service that supports certificate issuance, storage, and prevention of falsification based on the ICON public blockchain network. ICONLOOP is trying to create more reliable and secure certification system through ‘broof’, planning to expand the implementation of this service in various fields in our society. This partnership is significant as it is the first case of applying blockchain-based certificate issuance service to the art market.

Jonghyup Kim, CEO of ICONLOOP, stated, “Blockchain technology can enhance the transparency and efficiency of art trading, effectively revitalizing the art purchasing market.” He added, “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.”