Codex Protocol is a decentralized registry designed to target trading and verification of unique assets, primarily arts and collectables which are collectively valued in excess of $2 Trillion USD.
When it comes to buying and selling unique assets, the ability to verify, establish authenticity, and chain of ownership is paramount and highly valuable. Buyers and Auction houses continue to face significant challenges when it comes to establishing authenticity of unique assets; it consumes a considerable amount of resources, and even then some forgeries and fraud do end up successfully misleading professionals about its authenticity.
The Codex Protocol registry promises to solve this long standing problem by recording, verifying, and securely storing all essential information associated with each unique asset. This makes it suitable for a variety of application and services that includes asset-backed lending, insurance, rational ownership, bidding, escrow and more.
When contacted, one of the key spokesmen for the company was quoted as saying, “We have been studying this scene from a long time now and wanted to find how we could unlock the value of unique assets and resolve some of the discrepancies which are present in the ecosystem. By designing this decentralized registry, we have managed to solve a lot of such problems.”
Codex is the platform which aims at unlocking the value of the unique assets. The key behind this portal is to make it easier to verify the unique identity and ownership of each unique asset. Codex Protocol aims to make the auction process far quicker and simpler by making it far easier to spot the fraud and forgery that is abundant in the arts and collectables industry.
Codex is currently carrying out its operation on a fairly large scale. Individuals and businesses from approximately 50 countries have participated thus far. Codex Protocol intends to add 10,000,000 unique assets per year which amount to net annual sales of $6,000,000,000 while working with over 5000 auction houses.
With the success that Codex Protocol has experienced thus far, there are multiple new A&C solutions aiming to launch that aim to utilize the Codex Protocol as a center point of their business.
This will radically improve the accessibility of unique assets and participants will likely have a more enjoyable experience buying and selling unique assets as well since fraud and forgery will be far less of a concern.
Those who would like to know more about how the Codex Protocol works should visit https://codexprotocol.com/
Video Link: http://www.youtube.com/embed/SMXVMD98-SM