In an effort to get to know the Fintech ecosystem and their representatives better, we asked them a few questions as a part of our series of interviews: The Innovators. This time we caught up with Calogero Scibetta, the Head of Business Development at Everledger, who took part in Deloitte’s 11th Annual Art & Finance Conference “The place of technology in Art & Finance” developed in partnership with the LHoFT.
“We are constantly lured by the newest innovations and technologies, but only the ones that scale should be taken into account.” – Calogero Scibetta
Blockchain explained – How do we use blockchain to build a ledger of trust?
Calogero, can you tell us a little about yourself and about Everledger?
I joined Everledger in 2016 and was the first employee. It was evident back then to me that emerging technologies will play a fundamental role in reshaping the way we identify, exchange and trade goods in a world that is becoming more and more reliant on technology. Everledger was born to address the real-world challenges in that specific issue : developing breakthrough emerging technology solutions to authenticate asset identity and enable a new level of transparency and trust in high-value asset markets including the diamond, gemstones, fine wine and art industries. By combining forensic approaches and emerging technology including blockchain, we are able to truly transform the concept of trust at scale.
What were the key challenges in digitising provenance for works of art, and what were the main considerations for and against using blockchain technology in building your solution?
The main challenges reside on the fact that the art industry has not yet come to a consensus on identity and digital standards. The main pushback is on the tension between the need for transparency in the market and the fear of sharing data and loss of confidentiality between stakeholders.
How can technology can help to build trust in the art market?
We believe that the ability to converge material science with emerging technology to provide assets with proof of authenticity and existence and subsequently trace their movements is key for enabling transparency. Essentially, by creating an authenticated digital “twin” and encrypting it on a distributed ledger accessible to permissioned stakeholders, trade as well as services and movement of art is facilitated. Secured data sharing and confidence in the asset identity as well as transparency along the value chain leads to trust being built.
Everledger’s solution for the diamond industry
What is your leitmotiv, and why?
Over time I have adopted scientific principles and first principle thinking as a way of approaching innovation and emerging technologies. We are constantly lured by the newest innovations and technologies, but only the ones that scale should be taken into account and to do that you need proofs and scientific methods to explain how things can be done on a repeated and consisting way.
Any personal insight on “The place of technology in Art & Finance” you want to pass on to readers?
I think that every industry will be defined by its adoption of technology and this event will provide a great overview of what’s already happening in the Art industry.
Top image courtesy of Codex.