Hanwha Systems develops blockchain-based platform for artwork transactions

By Lim Chang-won Posted : April 30, 2019, 11:14 Updated : April 30, 2019, 11:14

[Courtesy of Hanwha Systems]

SEOUL -- Hanwha Systems, a provider of defense products and technologies in South Korea, has completed the first stage of establishing a data platform for artworks using blockchain technology through collaboration with an IT associate of the country's largest art auction house, Seoul Auction.

Hanwha Systems has partnered with Blue Index to create a platform that integrated information on the trading of various artworks. They plan to start the official service of their platform in the second half of this year by collecting feedback from auction experts.

Hanwha Systems, which has an ICT division, said that the platform uses virtual currency to trade information and maintains the reliability of information as it ensures a high level of security in transactions with art experts examining data.

"This project is meaningful in that it commercializes blockchain capabilities for the first time," said Hanwha System CEO Kim Kyung-han. "Starting with the art data platform, we will try to apply our blockchain technology to various fields and expand our business areas."

Hanwha System was in charge of planning, developing, and applying blockchain technology. Blue Index collected and analyzed data while presenting and supporting business models using blockchain technology.
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