On June 21st, the “China Blockchain Security Summit” was held at the Beijing National Convention Center. The summit was hosted by the China Technology Market Association and Beijing Knownsec Technology. It was organized to explore a suitable and safe way for blockchain industry’s development and to guide the future of blockchain’s security. And China Blockchain Security Alliance was officially established for these at this summit.
As one of the members of China Blockchain Security Alliance, Freyrchain was invited to attend this summit. We will join hands with Tencent Security, Knownsec, China Technology Marketing Association, China Blockchain Research Center and Huobi to make efforts to blockchain security.
Photo: Freyrchain’s CTO Wang Baoshan gave a speech at the summit
Freyrchain’s CTO Wang Baoshan delivered a speech on “Rebuilding the Credit System of the Art Industry Using Applied Technology.” He talked about the current status of the development of art industry, the barriers of artworks circulation, Freyrchain + artwork, and Freyrchain technology framework. Form the five aspects; he fully explained how Freyrchain used the blockchain technology to change the long-term issues of the art industry, to reduce the credit costs of the art industry, and to increase the credit value while constructing a developing eco-system of the arts. Mr. Wang showed a determination Freyrchain want to the successful combination of “Blockchain + Art.”
Chinese art market is the keyword
With the development of global collection market and the transformation of economic structure, the consumption structure of art collection will also enter a period of rapid transformation. According to the statistics of the Academy of Arts and Economics, the total turnover of the global art market in 2017 was 67.3 billion U.S. dollars, and the volume of transactions increased by 12% year-on-year. The global share was the U.S. (42%), China (21%), and U.K. (17%), and only these three countries reached 80% share of the global market volume. Chinese art market showed strong potential and had become important in the development of the world art market.
The art industry needs an open, transparent and reliable platform
“Credit issue” is always the first topic when it comes to art collection market. This industry is a highly relied on trust between people, which caused a closed circle and information asymmetry while we are surrounded by all kinds of information. These make it hard for appraisal and authentication. While forgeries are unstoppable for a long time, credit system restructuring needs to be done right now!
Moreover, auction tycoons love to dominate this market which makes it even hard for modern artworks to get into the market. Modern artists always face that auction houses’ rejection and a high cost of exhibition. How to make a way out of this situation? An open, transparent and reliable platform can be the solution here.
Blockchain can restructure the credit system of collectible industry
Freyrchain made its decision to go for the “Blockchain + Art” is based on long-term market research. Blockchain technology can play an irreplaceable role to help solve long-existing problems in the art industry. Freyrchain combines its rich experience in the collectible industry with blockchain technology can offer an assurance of anonymity, transparency, and liquidity, while potentially solving issues such as appraisal, authentication, and information asymmetry. It can to a large extent to replace traditional trust system, reduce credit cost in this industry.
While the blockchain technology receives worldwide attention, network security and social security have become the stumbling block for the development of blockchain. The core of the conference and the intention to establish China Blockchain Security Alliance is to solve these problems. We hope there will be more and more support from the government, social parties and enterprises in the future.