250 Years Old Auction House Will Use Blockchain

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We’ve already covered various new blockchain use cases. We wrote about the technology being used for tracking diamonds by the De Beers diamond giant. We wrote about blockchain helping track the origin of wine for Chinese clients and we reported on a Spanish port of Valencia creating a blockchain smart-port.

But the truth is – blockchain will eventually enter every industry and make it more efficient, safer and easier to use.

Going, going, gone!

Now, an over 250 years old auction house, Christie’s, has announced that it will be testing the blockchain technology for auction recording. The Christie’s will use the tech to provide purchase details and certificates to its clients.

Christie’s CIO Richard Entrup explained:

“Our pilot collaboration with Artory is a first among the major global auction houses, and reflects growing interest within our industry to explore the benefits of secure digital registry via blockchain technology.”

Each buyer will have a registration card, which will allow them to access the “permanent digital record of relevant information” safely stored in auctioneer’s blockchain.

According to Richard Entrup, this will allow “clients to experience this technology for themselves and to explore the advantages of having a secure encrypted record of information about their purchased artwork.

 

Images courtesy of Shutterstock.com

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