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Bitcoin Smart Contract Meets Artwork
‘TEMCO’, the world’s first Bitcoin-based supply chain data platform, recently partnered with ‘Art Together’, another world first platform that provides shared-ownership for artwork. The partnership between TEMCO and Art Together aims to develop and establish a transparent system that highlights the overall funding, distribution, and investment of high-end artwork utilizing TEMCO’s public blockchain powered supply chain data platform.
‘Artwork’ is a high-end luxury product. Therefore, Artwork requires a credible and transparent distribution process to ensure the validity of the product. For example, verifying how the artwork arrived at certain exhibitions from originating point is very important. TEMCO can enhance the adoption of high-end artwork to the mainstream, which has been considered as the exclusive property of the rich, by establishing a transparent trading and distribution structure of it.
In a recent press release, the co-founder and CEO of TEMCO, Scott Yoon said,
“I am excited that the partnership with Art Together will showcase the real-world applications of TEMCO’s technology. TEMCO will be able to play a major role in establishing a transparent ecosystem in art industry, showing authenticity, transparent funding, and distribution of artworks.”
Regarding the partnership, Art Together’s CEO, Sang Jun Lee said,
“It is a pleasure to work with TEMCO while Art Together has been seeking for a solution on how to share an artwork’s information and distribution process in a transparent manner so that the investors can trust in the firm.”
Who is ‘Art Together’?
‘Art Together’ is the first crowdfunding platform that specializes in shared-art. Art Together raises funds in the form of crowdfunding and transfers all the ownership of the artwork to the crowdfunding participants. Then, the profit made from exhibiting artworks are distributed to the investors. Its goal is to popularize art market so that the public also can enjoy high-end artwork without being burdened by the price of it. Also, Art Together is managing a gallery of its own called ‘AT Gallery’.
Who is ‘TEMCO’?
‘TEMCO’ is the world’s first supply chain data platform on the Bitcoin (RSK) network. TEMCO aims to connect isolated supply chains using Bitcoin Smart Contract (RSK), as well as developing enterprise solutions that benefit businesses in the industry. TEMCO offers companies Business Intelligence (BI) tool to help companies to gain insights.
TEMCO secured institutional investment from ‘Korea Investment Partners (KIP)’, the foremost leading venture capital (VC) from Korea. TEMCO is currently preparing for the main sale in December, which is expected to conclude early based on the serial token-sales conducted on Token Sale Platforms and Exchanges.