NEW YORK, NY.- Verisart
, the worlds leading provider of blockchain certification to the fine art market, today announced the launch of the P8Pass developed in partnership with Paddle8, to bring blockchain certification and authentication services to the auction market.
The P8Pass will be offered to buyers, consignors and partners in all curated and benefit auctions run on paddle8.com. Each P8Pass contains detailed provenance information and functions as a unique fingerprint on the Bitcoin blockchain.
By combining museum grade classification standards, blockchain certification and image verification, the P8Pass provides customers with a secure, permanent record accessible and verifiable at any time. P8Pass, developed in partnership with Verisart, has the potential to significantly reduce transaction costs for the trade with art & collectibles and broaden the market by including new buyers encouraged by authentication process simplicity and transaction safety offered by the P8Pass blockchain product, the risks traditionally being the primary reason for affluent consumers to stay away from the art trade, said Paddle8 co-founder and President Alexander Gilkes.
The partnership with Paddle8 and the strategic support from The Native SA further extends our platform reach as the provider of choice for blockchain certification standards for leading artists and galleries and now auction partners worldwide, said Robert Norton, founder and CEO of Verisart.
Were delighted to announce our investment and partnership with Verisart to launch this innovative new application of blockchain technology, which has the potential to disrupt the status quo by offering an unprecedented level of transparency into the art market, said Izabela Depczyk, founder and Executive Board Member of The Native SA.