Blockchain could be considered one of the best things that could have possibly happened to the Art Industry. It is relatively a new technology, having been launched in the year 2011 along with Bitcoin. The technological capabilities of Blockchain further developed into their respective industries to create a technology which could be used in almost every industry.
The Art Industry is one of those industries which have a difficult time when it comes to artwork authenticity and innocent artists, as well as customers, have been caught up in the counterfeiting activities which undermine their hard work.
Provides a Mechanism which promotes Artwork Authenticity
Artwork Authenticity is important for all the stakeholders involved in the art industry. They know that artwork is sensitive and can be easily counterfeited. There has been an absent mechanism when it comes to controlling the illegal use and sales of counterfeited artwork.
Blockchain provides the technology which creates a mechanism for checks and balances for art investors and artists alike. The technology records and stores all the critical information on the cloud and ensures that the information is available to the stakeholders of the art industry to ensure that all transactions are authentic and that the counterfeiting industry is stopped.
Provides all the Information in One Place
What the technology does is that it stores all the information on the cloud such as the time of creation of the artwork or novelty and the processes involved, as well as the materials used and the details of the sales to the stakeholders in one place.
When one can easily access the critical data, chances of counterfeit artwork being sold decreases significantly as the buyers of the artwork are vary of their purchases.
Seamless Transfers of the Artwork
No work of art can offer complete security or a certificate which ensures a person of its authenticity after having been sold through a continuous chain of transfers. There may be some gaps in the documents which undermine the authenticity of the artwork and future art investors might be skeptical when purchasing such works. The collectors ask whether the artwork had been smuggled and as such the sellers often would have to accept lower offers in order to get the artwork sold.
Blockchain technology provides smart contracts which take all of this into account and create contracts which can easily be transferred from one person to another and ensure artwork authenticity. All the information is recorded and stored on the data, which means stakeholders have nothing to worry about.
The Power of Artchain Blockchain
The Artchain Blockchain technology brings all the information of museums, art galleries, hotels, professional journals, preservations, exhibition works and showcasing into one place and creates a database which summarizes all the information for valuation and use by all stakeholders in the Art Industry. All of the individual data is taken and put together to provide an encyclopedia-like system for ensuring the authenticity of artwork is maintained. It is the Art Industry’s best friend.
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