You don't have to trust ANYONE!

hatu (76) in ethereum • 6 years ago (edited)

Trust is said to be the backbone of business relations and it has become a core feature of some markets. A prominent example of this would be the Arts & Collectibles market, which despite technological advancement, has witnessed limited evolution.

Despite society's pressure on individuals to respect the trust others have bestowed upon them, some people sway towards being deceptive. This factor pushes many away from participating in the A&C market even if they can afford to meet the entry barrier. The Arts & Collectibles market is falling short of its full potential as many people have realized that a market built largely upon trust involves a great deal of risk.

Most people themselves are not skilled enough to verify an aged wine, an archaeological relic, or a valuable painting. Even if a person has the skills to verify one collectible, the A&C market includes a wide category of items and it is impossible any individual can verify more than just a few categories. As a result of this trust is forced into A&C market.

A purchase of any art piece or collectible means the buyer will have to trust the seller and the authenticator on whether the item being sold is genuine.
Even if an A&C is genuine, the buyer has to take the seller's or authenticator's word on the item's previous sale price.

The risk associated with trusting others is a major risk associated with the A&C market. There is a solution to this: blockchain technology has the ability to develop secure and trustless markets. Now, a new project brings this benefit to the A&C market.

Enter the Codex

An entrepreneurial team is developing a protocol for the A&C market; one that provides the market with the necessary improvements to carry it to its full potential.

Codex Protocol provides the A&C market a platform for an immutable recording of an item's Providence, which is its verified chain of ownership. An item can be placed on the Codex and its verified chain of ownership can be imported along with it. As the Codex is a protocol, this immutable record can be leveraged to create secure interactions on the applications built upon the protocol.

As A&C transactions begin to integrate the Codex, trust is squeezed out of the equation. A buyer can use CodexCoins to access the data attached with any item on the Codex. This allows a buyer to access the item's Providence without having to trust the seller or authenticator. The benefits the Codex Protocol offers go beyond building a trustless environment.

The protocol can be integrated into A&C marketplaces to yield additional benefits. Marketplaces utilizing the Codex will be able to offer an easy and secure transfer of ownership, an environment where a buyer can compare purchase options as the need to verify is waived, a facilitation for transactions made with cryptocurrency, and more.

Arts & Collectibles are largely comprised of archaic relics but this is not a reason for the market's mechanisms to remain in the past. Codex Protocol is taking the initiative to utilize blockchain technology to carry the A&C market a leap forward and allowing it to reach its full potential.