CurrencyWorks Selected by Forensic Art Certification Technology Inc. to build its Art Authenticity Blockchain
11/17/2020 | 09:15am EST
All-in-one solution will integrate interferometry, automation and blockchain technology to solve centuries old issue
Los Angeles, Nov. 17, 2020 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks” or the “Company”) (TSXV and OTCQB: CWRK), a publicly-traded company that builds and operates FinTech platforms for Digital Currencies, Security Tokens and Digital Assets that reduce costs, increase transactions plus liquidity and drive user engagement, announced being selected to create a solution that will change the art market by applying forensic and blockchain technology to prevent art forgeries and fakes.
FACT (Forensic Art Certification Technology) is a forensic analysis tool utilizing interferometer technology and the blockchain to create an immutable record of ownership, and verification that the piece of artwork received is the artwork originally scanned. The interferometer can capture images with incredible precision allowing the FACT system to accurately verify that an image scanned is the same as the image received.
By applying forensic technology and innovative thinking to the issue of art crime CurrencyWorks was selected to develop a patent pending all-in-one solution for Authenticity Verification, Condition Reporting and Collection Management. Leveraging technological advancements in Interferometry, Automation, and Blockchain Technology, FACT offers a truly secure object-oriented approach to one of this centuries’ oldest issues.
Under the terms of the agreement the minimum contract value is US$500,000.00 and up to US$2M. This also includes possible multi-year operational support.
“Every year, US$6B Black Market for Art that the FBI estimates worth of art is sold around the world – and an estimated 20% of them are forgeries. FACT uses forensic science to validate the authenticity of original works to sniff out fraud and put an end to the US$6B art forgery market,” said Bruce Elliott, CurrencyWorks President.
Art crime is estimated to be the 3rd highest grossing crime after money laundering and terrorist activities; however, only a fraction of the resources are dedicated to stopping it relative to other crimes.
“This technology will have the ability to validate art originality in every sector of the industry,” said Patricia Trompeter, FACT President. “We are excited to partner with the team at CurrencyWorks that has deep roots in developing blockchain solutions to successfully bring this to market and help us to revolutionize the global art world.”
CurrencyWorks Inc. (TSX: CWRK and OTCQB: CWRK) is a publicly-traded company that builds and operates FinTech platforms for Digital Currencies, Security Tokens and Digital Assets that reduce costs, increase transactions plus liquidity and drive user engagement.
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things,: that the Company’s solution will change the art market by applying forensic and blockchain technology to prevent art forgeries and fakes; that the minimum contract value is US$500,000.00 and up to US$2M and this also includes the possible multiyear operational support; that the Company’s technology will have the ability to validate art originality in every sector of the industry; and that the Company’s blockchain solutions will successfully bring this to market and help FACT to revolutionize the global art world.
The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which the Company or FACT operates; the perceived benefits from the Company’s blockchain solutions will be as expected; and the Company will be able to obtain any necessary financing on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company will be unable to efficiently build th blockchain solutions; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the blockchain solutions; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on the blockchian solutions; the risk that the blockchain solutions may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the blockchain solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain solutions; and other general risks involved in the blockchain solutions.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
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