CORD Blockchain is an ambitious technological innovation project led by Dhiway to modernize and legitimize the century-old process to help organizations manage ownership, transparency, authenticity & globally recognized hassle-free verification.
The core principle of blockchain is to record transactions. These transactions generate a hash (a pattern of alphabets & numbers) which protects the record from any forgeries. Node verifies the hash, writes the block and shares a copy of the chain with many different computers.
Simply put, CORD Blockchain operates day & night creating records that are impossible to erase. Faking a block means fooling thousands of nodes.
“Imagine an advanced Google Sheet where you and everyone else whom the document is shared with can access the file and collaborate in real time. Every time I complete writing on each cell, the data will be shared with every other guest whom I have shared with. I can enter the data on each cell but no options to undo, edit or delete the data from the cell”. That’s precisely how blockchain works, instead of a shared Google Sheet, think of a shared ledger (in blockchain terms).
It’s an impossible task to fake the data on every other computer making CORD the best solution to establish trust between two or multiple parties.
Art & artefact (high-value goods) has been a volatile industry for wealthy buyers. Major art auctioneers such as Christie’s and Freeman’s have been operating for the last 200+ years. In recent years, we have seen tremendous technological advancement which is a boon and can be a curse for a few industries. Technological forgeries make the art auction industry unreliable and can hamper both artists’ & company’s reputations.
The case below shows how CORD Blockchain can be used in the art industry for trust, authenticity, verification and multiple ownership changes.
Let’s say you are an art auctioneer, you help art lovers to sell and buy curated products.
The Art Auction Industry process can be categorized into 3 stages.
Auction Estimate, Seller’s agreement & Cataloged & Sale.
A. Auction Estimate:
Let’s say an art collector decides to sell his art through your auction house. Art doesn’t have intrinsic value, meaning the artwork has some value only if it has a price tag, information about the artist, documentation, who owned it etc. Once these data are collected an estimated price will be discussed with the present owner. Without any of these details, art is just a showpiece.
Collecting these data and creating tamper-proof documentation helps a buyer trust the art’s authenticity and makes buying decisions easy.
Example: Salvator Mundi by Leonardo da Vinci
This unearthed the lowest layer, the very first strokes, one the artist took to outline the general composition of the painting, these first strokes largely matched up with the final product except the thumb. They outlined the thumb in a straight position, rather than the curved shape seen in all known Fake copies of the lost Da Vinci painting. Seems like the artist changes his mind while finishing the painting, which would make no sense when copying a painting.
This hidden stroke served as a crucial piece of evidence that this might be the original Salvator Mundi painted by Leonardo Da Vinci himself.
In the art industry, proof plays an important role.
Who painted it, who owned it, and who wants it?
This example shows how proof can be a deal breaker. Starting from an artist, product material, first sale at £ 45, Inherited by Nephew and later inherited by his daughter, sold to four buyers all these data are important for the next sale. Capturing these data and making these data non-erasable is the job CORD blockchain does.
B. Seller’s agreement:
It might be a public or a private auction, agreement is to maintain harmonious and mutually beneficial relationships between two or more parties to set forth certain terms and conditions relating to the sale, reserve price (auctioneer won’t sell below reserve price at auction), fee, marketing, shipping, insurance, etc. covered by the agreement and to ensure that all reasonable measures are provided.
This entire agreement with specific attributes can be captured in blockchain for transparency. Additionally, as an auctioneer, you get to decide what attribute should be captured in blockchain and what not.
C. Cataloged & Sale:
After the agreement, the painting is photographed and cataloged, and ready for sale. Once a successful sale, the seller will receive the payment which was agreed on in advance.
As a seller:
- Agreement with the auctioneer is tamper-proof.
- Non-erasable documentation related to my product makes it easier to sell.
As a Buyer:
- I am confident to buy an authentic product.
- I can resell the product easily as the data is non-erasable.
- Easily verifiable.
- I don’t have to carry physical documents to show product proof.
- I can see the product journey starting from the artist to the last owner.
As an Auctioneer:
- I help both buyers & sellers fulfil their customer journey with authentic product data.
- I am transparent with both buyer & seller with information related to the product.
- Ownership verification is easy.
- Blockchain as a part of the service attracts more buyers and sellers.
- Customer retention, buyers can easily resell it through me.
- I am creating a trust circle in the art market.
- Based on the collector’s interest I can keep the identity public or private.
Similarly, the CORD blockchain can be used for digitally sold art products.
E-commerce (high-value goods):
Selling a product in a digital world means creating trust environment for both buyers and sellers. A seller will signup with your business if you have the ability to generate leads and have a trusted financial journey. A buyer will be looking for an authentic product where reviews and rating helps.
Let’s say you sell digital art products. There are 2 types of ownership.
1. Full ownership
2. Shared ownership
1. Full ownership:
The customer pays the full price of the product, and he/she will be the true owner of the product. This is similar to the example mentioned earlier (Salvator Mundi painted by Leonardo Da Vinci). Here a product is sold to one customer only.
2. Shared owners:
What if, instead of the art market being the sole domain of the deep-pocketed, everyday people could buy shares of a pricey piece of art and sell the shares as they, please?
That’s exactly what a New York based company Masterworks & Maecenas do. They acquire blue-chip art at auctions on behalf of their investors. Creates a holding company for each piece of art to acquire it, store it, promote it, and resell it for profit. It registers the company with the Securities and Exchange Commission and issues shares to people who want to invest in a specific piece of art.
Similarly, E-commerce companies can bring the concept to the digital world with the help of blockchain. This helps common people to buy and sell art shares online.
A high-priced artwork is difficult to sell online. Let’s say an e-commerce company is not able to sell a painting priced at Rs. 1,00,000. The easier approach is to make a sale, by bringing shared ownership.
The company and artist/present owner of the art together decide to sell the painting in 10 shares, now it’s easier for customers to invest a small amount of Rs. 10,000 for a small part of the painting. In such cases, managing individual shares, and proof of ownership plays an important role in resale. Additionally, the company can retain customers in future resale by creating a proof wallet (for this you may need a mobile application so that DID can be created, DID stands for decentralized identity. also referred to as self-sovereign identity, is an open-standards-based identity framework that uses digital identifiers & verifiable credentials that are self-owned, and independent, and enable trusted data exchange) for all the assets brought by the customer.
Seamlessly integrate the CORD blockchain with your existing E-commerce products.
Products with tamper-proof documentation attract more buyers, especially high-value products.
As an E-commerce company:
I can charge sellers for tamper-proof documentation as a service which helps sellers grab buyer attention. And the buyer trusts the seller and the company.
As a seller:
Verifiable documentation helps me increase my reputation. Sell artwork in a secure and efficient manner.
As a buyer:
On every art purchase, I get proof documents, which will help me in resale.
Potential buyers will be able to access the artwork’s history, track its prior locations and establish genuine value if this information is made publicly available. These data would be considered extremely trustworthy as they are recorded on the blockchain, anonymity can be maintained and could not be tampered with.
CORD Network by Dhiway:
CORD is an essential building block of Web 3.0 with its ability to reimagine real-world interactions that best fit a particular purpose, balancing security and control with the convenience and opportunity of sharing data between institutions and individuals. The potential this creates for new business models is endless.
In business, trust is incredibly hard to engineer and impossible to guarantee. Until now, we’ve relied on instruments and institutions to be surrogates for our trust. With CORD, trust can be embodied in the transaction using verifiable attributes. Depending on the participant’s role and the particular transaction, individuals and institutions can be deemed as trusted, semi-trusted or untrusted. For example, a financial institution could trust an overseas partner to do X but not Y. Third parties that were once necessary to broker trust will be disinter-mediated. This codification of trust optimises transactional relationships, making business interactions across ecosystems far more efficient.