Codex Protocol is set to transform the art and collectibles market with its blockchain powered authentication platform. Biddable has become the first app built on top of the Codex, and will ensure it has adoption from day one.
Biddable has become the first app build on top of the Codex Protocol, created in partnerships with a consortium of industry leaders. Biddable will ensure that Codex has adoption from day one and highlights how the platform is set to transform the market for buying, selling and managing assets online.
More information can be found at: https://codexprotocol.com
The site explains that Codex stores an item’s identity securely on the blockchain as a Codex Record. This makes it easier to buy, sell and manage assets of all kinds.
The protocol works in a revolutionary way through harnessing the power of blockchain technology. In art and collectibles, an item’s identity is central to its value. In order to buy or sell, the previous owners, history and authenticity are all checked, verified and considered throughout the process.
Codex Records transform this process and make it easier and more streamlined than ever before to check these details. CodexCoin is used to modify and verify the date stored on these records, and there are already auction houses, lenders, and appraisers who have agreed to use CodexCoin.
Now, with Biddable, the first app built on top of the Codex, the platform is set to enjoy tremendous success moving forward.
There are a number of benefits to using Codex Protocol. With a widely adopted registry, the team behind the platform expects lower transaction costs and less fraud, which could grow annual transaction value by hundreds of billions of dollars.
The team states: “Of course, a registry only works insofar as it is adopted as a standard. To that end, we have established a consortium of leading online marketplaces, software providers, and auction houses with operations spanning over 50 countries, who have agreed to support Codex.”
It is initially focusing on the art and collectibles market, which includes art, fine wine, collectible cars, antiques, decorate arts, watches, jewelry, instruments, and more.
Full details can be found on the URL above.
