(Central News Agency Reporter 陳秉弘, Taipei, May 5) - By utilizing blockchain technology to digitize and authenticate the features of jewelry and artworks, Chairwoman of Taiwan Auction House, Wu Sui-hua (伍穗華) stated that this technology could impact the entire auction and collecting industry, making buying and selling more confident and safer.
Combining blockchain with artworks and jewelry allows buyers, sellers, collectors, and artists to verify the authenticity without complicated procedures. Taiwan Auction House held a press conference for its spring auction today, publicly announcing their collaboration with "International Trust Machine Co., Ltd." (ITM) on verification science technology.
Ms. Wu pointed out that this technology provides protection for auction items: “All valuable items now have digital histories and tamper-proof features. This is revolutionary for the collecting and art circles and will influence future transactions.
The origin of this initiative, Ms. Wu explained, was because in 2017, she was robbed of jewelry worth up to NT$250 million. Through inquiries with international friends, it was suspected that her stolen jewelry was circulating in the international market and had already been altered and sold by criminals.
She said, “After being stolen, how can I prove my ownership? If I can present strong evidence to reclaim my belongings, it would be a huge security for me.” As a result, Taiwan Auction House began exploring possible technological collaborations.
Ms. Wu mentioned that the project entrusted ArtRecord Co., Ltd. to use innovative AI technology to scan the unique features of original items, combining it with ITM’s patented blockchain technology. This would put the art pieces’ features onto the blockchain. Besides proving the original features of the items, the history recorded on the blockchain is tamper-proof. This allows for verification during sale to confirm whether the item was originally sold through Taiwan Auction House, and in future resale, provides traceability records.
The CEO of ITM Julian Chen (陳洲任) said that public blockchains are highly trustworthy: “We are currently storing digital information on Ethereum (public blockchain). When Taiwan Auction House sells jewelry, they will provide the detailed history to the customers.” He explained that this is a very reliable form of evidence, and future verification does not require third-party assistance—simply check directly on the blockchain.