Art+Tech; Bidpoc Gives Transparency & Provenance to the Art Market
In just two weeks time, some of the most-renowned innovators and key players in the art world will be gathering in London for the Art + Tech Summit to explore blockchain, and it’s possible uses in the art world. A sponsor of the event, Bidpoc, is a company on the forefront of the integration of Blockchain technology within the art market. We at Vastari wanted to find out more about this innovative company, who as the company eloquently puts it currently stands at the intersection of the art and tech worlds.
Bidpoc is a relatively young company that originated in Shanghai, China as a Provenance service for auction houses, with the ability to establish trusted patronage of Chinese antiquities. The team is committed to integrating art and new technologies as they develop with the leadership of three strong and diverse individuals. The founder, Mr. Alee, is a reputable collector and connoisseur of Chinese antiquity who had the vision to invest in one of the first art companies based on blockchain technology. The CTO, Alex Chien, extensively researches and develops Bidpoc’s blockchain technology. And last but certainly not least, Qinwen Wang, CATO (Chief Art & Tech Officer) combines her diverse background as an artist, experience working for Christie's, and on various venture capital projects.
In 2016 the company launched its Bidpoc Project which works to bring more transparency and established provenance to the art market, two significant issues Bidpoc feels the art world is facing today. By combining Bidpoc’s “own proprietary patented HD matching technology, physical ID marking, and an on-chain digital ID” Bidpoc is able to create a unique digital footprint for each physical art object within their database. Establishing those key points every art collector looks for when purchasing a piece is important, and Bidpoc takes it one step further into the future by creating an ecological chain within their platform. This makes future transactions easier for buyers and sellers while maintaining the art objects integrity.
It will be interesting to watch Bidpoc progress over the next few years and to see if and how they are able to achieve a consensus within the art world. This will be no small feat but could mean the beginning of a global art distribution ledger using blockchain technology. The very ideas the Art + Tech summit will be discussing on July 17th. Interestingly Bidpoc, like dB from Artsy, believe we are in an exciting time, much like the beginning of the internet in the 90s and that although, there is this strong reputation that the art world is against change, events like the Art + Tech Summit show how industry leaders are open to the possibilities which new technologies bring.
Bidpoc approaches technology the way they believe the rest of the industry does or should; intelligently. They don’t want to embrace anything that comes along but instead cautiously consider technology as it develops. Pinpointing areas within the art market that need to be fixed and finding the best technologies to fix those problems. Then evolving the technology into sophisticated and efficient solutions that will have a real and lasting impact on the art world. In this way, Bidpoc works as a hybrid company linking the conservative art market with the ever-evolving tech world. They believe this connection allows them to be a part of the change, innovating from inside the art world by looking out.
So, what does Art + Tech mean to Bidpoc?
“Art + Tech may seem to be from two worlds, but they share the same fundamental logic. Art seeks beauty, while tech (science) seeks the truth.” The greatest innovation and achievements in art and technology “come from those who know both of the worlds with observant and open minds” and build on ideas and ingenuity, acknowledging history and tradition, a balance between profit and passion, and the ultimate pursuit of excellence driving each individual or team. The innovators at Bidpoc find inspiration in Leonardo da Vinci, The Medici Effect, and Hackers & Painters and believe technology empowers art and positively impacts art business.
We at Vastari look forward to seeing Bidpoc at the Art + Tech Summit and appreciate a company interested in fostering innovative discussions about art and technology.