InterValue Gets Involved in the Art Trade Field and Commits to Solving the Trust Crisis

2018-10-11InterValue



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On October 10, 2018, InterValue reached a long-term strategic cooperation agreement with Fangwu Network. Both sides will cooperate in the field of art trade and work on implementing blockchain-based solutions.

 

The Fangwu Network is a platform dedicated to the free circulation of original pieces of art. It is committed to making art trade easier. It proposes a business model of “art + traceability + sharing economy + multi-party ecosystem”. Through the S2B2C approach, the participants in the ecosystem will contribute to the healthy development of the art marketplace. This initiative aims to enhance the overall transaction practices within the industry and establish an online artwork trading standards.



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InterValue will provide strong technical support for the development of Fangwu’s blockchain application, and establish an alliance chain system, which will lower centralization and establish new standards for the industry. The cooperation agreement mentions that InterValue will provide technical support in the exploration and development of blockchain solutions for Fangwu Network. Fangwu’s App will be developed on blockchain technology and uses a NFC traceability chip. It solves the crisis of trust in online artwork trading. Its characteristics include P2P network and distributed accounts, and the network can update art data and information at any time. Besides, the data cannot be modified and tampered. Decentralized data storage is more secure than any centralized authority's database. Regardless of whether the artwork is traded or not, the ledger can be used to review the complete historical data stored in the blockchain and serve as a basis for judging its authenticity and value. Whether an artist or a dealer or an ordinary collector wants to act maliciously, they run the risk to be exposed at any time. The combination of blockchain technology and NFC traceability chip technology establishes a robust system of artwork traceability. It fundamentally solves the crisis of trust in the art trading market, making it easier to trade art.

 

With this cooperation, InterValue will open a new curtain for the application of blockchain technology in the field of the art trade. Besides, it also provides a trust guarantee for the art market.


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