In an Oct. 3 article by Techcrunch, it was announced that Verisart raised $2.5 million in seed financing led by Galaxy Digital EOS Fund, alongside investment firms Sinai Ventures and Rhodium.
Verisart, a company that certifies art authenticity through blockchain technology, has raised $2.5 million to further expand its commercial art platform.
Verify and track provenance of art
The funding will go toward expanding Verisart’s product and engineering team and will make it possible to launch a whole range of services aimed at artists, galleries and collectors. Verisart’s CEO Robert Norton said:
“With this new round of funding, we’re able to scale our business and ramp up our partnership integrations. The art world is quickly realizing that blockchain provides a new standard in provenance and record-keeping and we’re looking forward to extending these services to the industry.”
Verisart, which per the report is the first company to apply blockchain technology to the physical art and collectibles market, allows artists to create digital certificates that verify and track the provenance of a specific art piece as it gets stored on the Bitcoin blockchain.
David Hockney paintings sold via blockchain
Cointelegraph reported in August that South Korean art-focused blockchain project ArtBloc conducted a fractionalized ownership sale of two paintings by popular British painter David Hockney. ArtBloc introduced the blockchain-enabled fractionalized ownership sale of the David Hockney’s paintings in Seoul on Sept. 19.
Verizon Awarded Patent for Blockchain-Based Virtual SIM Cards
Leading communications and technology company Verizon has been awarded a patent for using virtual subscriber identity modules (vSIMs) for customers’ devices.
A filing with the United States Patent and Trademark Office on Sept. 10 details a blockchain encryption technology, wherein a traditional physical SIM card can be replaced with a software SIM version. According to the filing, this ensures more security and the existence of only one copy of the vSIM on one device at a time. The document further explains:
“The network device initiates creation of a blockchain including a vSIM certificate for the network services, wherein the vSIM certificate includes an International Mobile Subscriber Identity (IMSI). … The vSIM can be retrieved and used by any one of different devices associated with the user account, transferred between devices associated with the same user account, or temporarily assigned to other users.”
Protection with an authentication code
VSIMs are secured with a special authentication code which precludes any parties from accessing it if the authentication code received from a customer’s device does not match the authentication code registered with the vSIM platform.
Attempts to bribe Verizon’s staff for SIM info
In a dedicated analysis published in November last year, Cointelegraph reported that an anonymous source at Verizon had been approached via Reddit, where he was offered bribes in exchange for SIM swaps. He was told that he could make up to $1,000 per week for transferring customers’ phone numbers onto new SIM cards.
Another Verizon employee claimed that the hacker, who also found him on Reddit, promised that they would make “$100,000 in a few months” if he would cooperate – all he had to do is “either activate the SIM cards for the hacker when he was at work or give the attacker his Employee ID and PIN.”
This summer, Verizon was actively looking to hire new recruits for blockchain-related jobs, including blockchain developers. In particular, Verizon posted five openings for a blockchain developer on July 1. According to the listing, successful applicants would be required to “research, design, develop and test blockchain technologies” among other responsibilities.