Posted 2 years ago | by Ben Armstrong
IOST Tracing Technology Keeping Antiquers Honest
As Andreas Antonopoulos says in his book, "The Internet of Money", money is usually the first application of a new technology. However, new technology often has uses far beyond a first layer. Blockchain and distributed ledger systems have proven themselves to have almost an endless amount of application. Now thanks to IOST, we are actually seeing antiques put on the blockchain.
At first glance, that seems a little silly. Like when would a hundred year old grandfather clock need to be put on a ledger system? I mean it existed fine for a hundred years without it. As a matter of fact, when that clock first started ticking, computers were only things written about in science fiction novels.
However, antiques can fetch millions of dollars in some cases. Whenever a sale is made, both buyer and seller need to have a way to authenticate the heirloom. Now they can.
IOST has teamed up with Grimm's Antiques located in China. Grimm's Antiques has a huge collection of antiques from Europe & artwork from China. Some of these are in fact worth millions of dollars. Now each piece will come with a unique identification card issued on the IOST blockchain. This will prevent scammers from selling fakes of the art or antiques. An authenticator will check over each item thoroughly to ensure the item's integrity, ownership, & quality. Buyers of the antiques will even be able to earn IOST as a reward for the purchase.
If you are interested in becoming a member of the IOST community or voting for the BitBoy Crypto IOST Node, make sure to visit our telegram group, The BitSquad.
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