Codex Protocol ICO : Decentralized Registry of Any Purchase, Sell or Ownership

by Ankur Gupta · July 3, 2018

Codex is a Blockchain based decentralized assets registry for Art and Collectibles (A & C), which includes art, vintage wine, costly cars, watches, antiques, jewellery, coins, decorative art pieces and many more.

The A & C industry did not have a centralized registry, due to which it was often subjected to certain challenges:

Lack of proper verification of ownership as well as past ownership or provenance.
Fraud and dispute in identification of items. Many owners can swap the real items with fake ones.
Due to provenance, the information regarding the chain of ownership is verified numerous times leading to barrier in the ecosystem and it becomes costly as well.

How does Codex work?

In today’s economy Art & Collectibles or A & C is worth more than $2 trillion, but verifying, recording data about these items is a challenging job. Until now, there were centralized units which kept track of the data and information regarding these valuable items, but collectors were sceptical and unwilling to trust and share their valued information to these central units. Furthermore, these unique assets had a chain of ownership and verifying information was costly and caused friction in the ecosystem.

Introducing Codex, which uses its Blockchain technology to provide a decentralized registry backed by about 5000 auction houses to record, verify and securely store information and data relating to any purchase, sell or ownership of these assets. Codex provides a common platform for online marketplace, auction houses, users and software providers and is supported by over 50 countries. The token used in Codex is CodexCoin or CODX which is ERC-20 utility token and can be used to do all kinds of transactions like paying fees, transfer of records etc. It also offers discounts and rewards to auction houses and users of the Codex system. It ensures validity and security of the stakeholders and also delegates power to the end-users. The users can now use the token to buy items in auction as well as it keeps a record of the items sold in the system.

Importance of Codex:

Codex maintains a very simple and easy method to record information about each item in its registry.
The implementation and widespread adoption of the registry will significantly lower the transaction cost and ensure less fraud thus adding up to the total annual turnover of the stakeholders.
It tracks and checks the chain of ownership and history of each item sold thus provides a valid and trustworthy verification of ownerships and items.
It is a decentralized system; as such the owners do not need to provide information regarding their personal identity.
Future owners can now view all the information and details regarding the items which are registered in Codex, that also increases authenticity of the auction houses who sold the items.
Codex will reward owners and users for vouching against the items that they register in the system.
A unique physical tagging system, which will link the items to digital records in the Codex system. This will eliminate fraudulent actions as well.
Codex ecosystem will now connect auction houses, galleries, insurers, investors, collectors, artists and foundations where everyone can now buy, manage or sell these unique assets.

Biddable is the first application that is launched by Codex that aims to solve problems faced by the auction markets. Codex is the futuristic Blockchain technology that has been designed to simplify ownership of A & C assets as well as ensure security and privacy to its stakeholders.

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