This blockchain technology might end counterfeited artwork
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Special Report: Counterfeited or stolen artwork could soon be a thing of the past, thanks to a new patent filed by Security Matters.
Security Matters (ASX:SMX), a track-and-trace technology company intent on becoming the global record for physical goods, has filed a patent in the US for polymers used in the detection and authentication of artwork, including fine and ancient art.
It will bring blockchain and art together for the first time, ensuring an end-to-end secure ecosystem for customers in the world of fine art, including insurance companies who wish to identify, track and trace valuable original works of art throughout time.
It comes off the back of an extremely busy period for the Israeli-based company, which recently lodged a patent application for the detection of microplastics in the agriculture sector.
Earlier this month the company announced the completion of half a million codes created from its proprietary markers, outperforming a prospectus promise by a factor of 10.
The move into the art industry means Security Matters is now actively involved in more than a dozen industries; for a breakdown of each, click here.
The new tracers have been specifically designed to be incorporated into all materials of fine and ancient art without modulating the art in any way. This includes all paints, canvases, paper and frames.
Records are then logged onto the blockchain, and the authentication process takes place when the tracers are detected by SMX’s proprietary reader.
Haggai Alon, founder and CEO, said his company’s revolutionary technology was creating a “digital twin” of highly valuable works of art.
“This patent is evidence of how far we have further developed our unique and proprietary technology to allow its integration into all aspects of artwork,” he said. “This extends to the canvas or paper it is painted on, the paint itself or the frame it is displayed in. Art preservation and anti-counterfeiting is something we have worked very hard at for quite some time and we continue to explore opportunities in the industry.”