NEW DELHI, Delhi, India (NewsVoir) Blockchain has been making waves in recent years and its applications, be they cryptocurrencies, smart contracts or NFTs, have taken the world by storm. Eikowa (www.eikowa.com), one of India’s most progressive and leading contemporary art galleries, is now harnessing the power of blockchain for provenance in art, revolutionizing art with technology. Eikowa was launched by Vaishnavi Murali and is in its 7th year of operation. Eikowa focuses on B2C business and currently works with a network of approximately 80 artists, including senior and mid-career artists. Always striving to bring together the best of art and technology, Eikowa uses the blockchain to ensure that any artwork purchased on it can never be counterfeited. This is achieved by having a unique link between a digital certificate published on the blockchain that cannot be copied and the subsequent linkage to the physical art. As Vaishnavi Murali, founder of Eikowa, says: “We are the first gallery in India to use blockchain for the effective provenance of physical art. Our solution is internationally unique, and we believe that as the world begins to realize blockchain use cases with real utility, our solution will become the gold standard for provenance and authenticity. We are the pioneers in fusing technology with art to provide customer-centric solutions. With the current solution, we are addressing the gray area of inauthentic artworks.” Each work purchased from Eikowa will have a non-reproducible digital certificate registered on the Bitcoin blockchain and a Temper-Evident tag containing that digital certificate and linked to the physical artwork. These two components ensure that the physical artwork is linked to a digital certificate, making it impossible for the artwork to be counterfeited. This also ensures a smooth verification of the authenticity of the artwork.
Eikowa, the brainchild of Vaishnavi, began with a quest to provide a platform that would make purchasing fine art easy for their customers, as well as a platform for experienced, mid-career, and promising young artists to share their art with a wider audience to present to the audience. It began with Vaishnavi’s own experiences as both an amateur artist and a casual buyer, where she could sense colors of pain from both a supply and demand perspective. Realizing this was her calling, she took the plunge into entrepreneurship in 2015, armed with an MBA from the prestigious Indian School of Business and significant experience in the luxury retail segment. Since then, she has focused on constantly trying new things to overcome The main problems that are stagnating the growth of the Indian art market: • Lack of discovery potential and limitation to only selected artists • Lack of information leading to anomalies in pricing as well as hesitations of Guide buyers in assessing the optimal value for art • Perception of art as a complicated purchase. Through a curated platform focused on bringing together the best of Indian contemporary artists (across senior, mid-career and promising artists), ongoing research focused on original content generation, as well as a cross-channel experience Eikowa has with its convenient web platform and view-in-your-house deployments have done an excellent job of solving these problems. In addition, Vaishnavi and her art consultants are always a phone call away to provide bespoke and complementary art advice to those wishing to purchase art. Eikowa measures its success by the strong support it has from its customers – about 30% of sales come from repeat customers and about 40% of leads come from word of mouth. Eikowa’s logo is a digital overlay of the infinity symbol – its latest attempt is precisely an attempt to use technology to make it easier for art patrons to delve into the infinite realm of art and imagination. Visit www.eikowa.com for more information. Image: Eikowa: First blockchain certification in India PWR PWR
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