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The all-in-one solution will integrate interferometry, automation and blockchain technology to solve centuries-old problems
Los Angeles, November 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 and liquidity and drive user engagement, announced that they have been selected to create a solution that will change the art market by applying forensic and blockchain technology to prevent art forgery and fakes.
FACT (Forensic Art Certification Technology) is a forensic analysis tool that uses interferometer technology and blockchain to create an immutable record of ownership and verify that the received artwork is the originally scanned artwork. The interferometer is capable of capturing images with incredible accuracy allowing the FACT system to accurately verify that a scanned image is the same as the received image.
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 advances in Interferometry, Automation and Blockchain Technology, FACT offers a truly secure object-oriented approach to one of the oldest problems of these centuries.
Under the terms of the agreement, the minimum contract value is US $ 500,000.00 and up to US $ 2 million. This also includes possible multi-year operational support.
“Every year, the US $ 6 billion black market for art, estimated by the FBI for the value of art, is sold around the world – and about 20% of these are fakes. FACT uses forensic science to validate the authenticity of original works to sniff out fraud and put an end to the $ 6 billion art counterfeit market, ”said Bruce Elliott, President of CurrencyWorks.
Artistic crime is estimated to be the 3rd highest-grossing crime after money laundering and terrorist activities; however, only a fraction of the resources are devoted to stopping it compared to other crimes.
“This technology will have the ability to validate artistic originality in every sector of the industry,” said Patricia Trompeter, President of FACT. “We are excited to partner with the CurrencyWorks team that has deep roots in developing blockchain solutions to successfully bring it to market and help us revolutionize the global art world.”
About CurrencyWorks
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 and liquidity, and drive engagement with users.
For more information on CurrencyWorks, please visit: www.currencyworks.io. For more investor information, please visit www.currencyworks.io or www.sedar.com is www.sec.gov looking for CWRK.
Contact with the media
Arian Hopkins
[email protected]
Company contact
Bruce Elliott, president
Phone: 424-570-9446
[email protected]
Investor requests
Phone: 424-570-9446 ext. 8
[email protected]
Disclaimer for Forward-Looking Statements
This press release contains “forward-looking statements”. Statements in this press 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 forgery and fakes; that the minimum contract value is US $ 500,000.00 and up to US $ 2M and this also includes any multi-year operational support; that the company’s technology will have the ability to validate the originality of art in every sector of industry; and that the Company’s blockchain solutions will successfully bring it to market and help FACT revolutionize the global art world.
Material assumptions supporting these forward-looking statements include, among others, that there will be no material changes in the current regulatory environment in which the Company or FACT operates; the benefits perceived by the Company’s blockchain solutions will be those expected; and the Company may obtain any necessary financing under acceptable conditions. While management believes these assumptions to be reasonable based on the information currently available to it, they may prove to be incorrect. These forward-looking statements are forecasts only and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company will not be able to efficiently build blockchain solutions; the risk that negative changes in general economic and commercial conditions may occur; the risk that the Company may have negative operating cash flow and insufficient capital to complete blockchain solutions; the risk that the Company will not be able to obtain additional financing if necessary; the risk that capital increases and operating costs may occur as a result of operating on Blockchi’s solutions; the risk that blockchain solutions could be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make blockchain solutions obsolete; risks related to regulatory changes or actions that may prevent the development or operation of blockchain solutions; the risk that other competitors may release similar blockchain solutions; and other general risks involved in blockchain solutions.
Any of these risks may cause the Company’s actual results, business levels, performance or results to differ materially from any future results, business levels, performance or results expressed or implied in these forward-looking statements. In addition, although the Company has attempted to identify factors that could cause actual results, business levels, performance or results to differ materially from those described in the forward-looking statements, there may be other factors that cause results, business levels, performance or results that are not to be expected, estimated or predicted. These forward-looking statements are issued as of the date of this press release and the Company undertakes no obligation to update any forward-looking statements or to update the reasons why actual results may differ from those projected in the forward-looking statements, except as required by law. applicable, including the securities laws of the United States and Canada. While the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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