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Fighting Art Fraud And Tracking Cheese: 4 Surprising Sectors Being Disrupted By Blockchain – Forbes

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While bitcoin still hasn’t gone mainstream, its foundational technology, blockchain, has unleashed a wave of innovation. Gartner predicts that by 2025 blockchain will add $176 billion in business value. By 2030, that number could exceed $3.1 trillion.

Entrepreneurs looking to get their slice of the pie need to leverage the technology’s distributed, immutable nature. By tokenizing ownership and decentralizing authentication, blockchain can make everything from supply chains to music licensing more transparent, cost-effective and secure. 

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Funding for blockchain startups is up 79%, with many big banks among the investors. This may seem obvious, since the financial sector is ripe for disruption by blockchain, but it isn’t the only one. 

Here are four more surprising industries being transformed by blockchain entrepreneurs:

1. Trading Cards

Trading cards are collectible for three reasons: limited volume, verifiable authenticity and active fandoms. Blockchain tracks digital assets to ensure they can’t be replicated or faked. 

One series that checks the “fandom” box is a collection of digital superheroes. Blockchain Heroes celebrates blockchain entrepreneurs who are fighting for internet freedom, decentralization and privacy. The cards were created by Joel Comm and Travis Wright, hosts of the Bad Crypto Podcast, and their sons. The first set of Blockchain Heroes sold out in just 20 minutes, and a second is in the works.

Blockchain Heroes isn’t the only series of trading cards to use blockchain technology. CryptoKitties is a line of one-of-a-kind digital cats that can be adopted and bred by users. Over a million virtual cats have been bred, and some have sold for as much as $200,000. Dapper Labs, the company that owns CryptoKitties, just secured $12 million in funding.

Even Topps Company, which manufactures baseball cards, has gotten into the blockchain card game. All 110,000 of its Garbage Pail Kids cards sold out in 28 hours. The digital cards have been resold for as much as $2,400 a piece.

2. Fine Art

One of the most exciting and unlikely industries being disrupted by blockchain is art. The technology is poised to solve some of the biggest issues in the industry, including fraud. 

According to one report, roughly 50% of art circulating on the market today is either fake or attributed to the wrong artist. Verifying the authenticity and provenance of a piece of art can cost thousands of dollars. Blockchain uses a distributed authentication protocol to verify transactions and discourage fakes.

Blockchain is also creating new models for investing in art and supporting artists. Maecenas is a blockchain-based platform that allows investors to buy tokens — essentially shares — in valuable pieces. Blockchain also allows artists to create digital scarcity. By making their own non-fungible tokens (NFTs), artists can limit the number of copies sold and provide proof of authenticity.

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3. Shipping and Logistics

In an era when you can track a package from warehouse to doorstep, it’s hard to imagine that logistics technology has room to improve. Yet the shipping industry still lags in its ability to track handoffs and deliveries.

For companies that do business on a global scale, shipping is a nightmare. There is still a great deal of physical paperwork involved, including sales contracts, port documents and bills of lading. All this paperwork must pass through many hands before cargo arrives at its destination. Blockchain could reduce or eliminate that paperwork while tracking an item’s chain of custody. This would make shipping faster, cheaper and more secure.

4. Gourmet Food

Consumers have long been frustrated by the lack of transparency in agribusiness. To meet shoppers’ expectations, many grocers and producers are making their food more traceable. Now, thanks to blockchain, conscientious eaters will be able to track their fare from farm to table. 

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Last year, Nestle launched Chain of Origin, a coffee brand that brings complete transparency to the java supply chain. In Europe, Nestle allows customers to track organic baby food and infant formula via a QR code. The company is also working to bring blockchain to New Zealand dairy and South American palm oil.

In a surprising twist, Mastercard is partnering with Topco to show shoppers where their food comes from. Olive oil company CHO is using blockchain to track its olives from orchard to bottle. 

One of blockchain’s most innovative adopters, however, is a company most American foodies have probably never heard of. French grocer Carrefour S.A. is using blockchain to track free-range chickens, organic orange juice, tomatoes and gourmet cheese. 

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This is a big deal in France, whose dairy industry has been struggling since the beginning of the pandemic. (Things were so bad this spring that the dairy industry started the hashtag #Fromagissons, meaning “act for cheese.”) The blockchain cheeses have QR codes that give details about the cheese and its origins. 

While you might not be paying your rent in bitcoin anytime soon, blockchain enthusiasts can rejoice. Transparency and security are top of mind for consumers. Blockchain provides an elegant solution that could solve many businesses’ most pervasive problems. The next time you buy a pound of coffee or fancy cheese, it might just be on a blockchain.

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com

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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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