The technology that is catching the art world
The Blockchain finds space in the system and in the art market, always marked by opacity of data, as a tool in favor of problems on provenance, price manipulation and the lack of transparency of information on artworks.
“The Blockchain is a Master Book, a virtual register where the information is validated by several users, making the inserted data incorruptible and confirming the authenticity and truthfulness of the same” this was stated by Elliot Safra (Christie’s UK Chairman’s Office) during the first Christie’s Art+Tech Summit 2018 in London.
There are many potentialities offered by Blockchain, as a new technology at the service of artists, collectors and art professionals.
Let’s look at the three main lines of use of the Blockchain for art:
- Digital Art
- Art Business Solutions
Digital Art, created exclusively to be reproducible via digital media and built on computers, is protected and enhanced thanks to the possibility of certifying, encrypting and controlling its distribution with the Blockchain.
The second line of use is linked to the Art Business Solutions, tools and solutions to support the art world concerning provenance, the tracing of the history of artworks and their management, without excluding the verification of authenticity; the cases of fakes in the art world are everyday issues.
The Art Business Solutions represent a 360 ° support for the processes of due diligence that must never be lacking in the purchase of artworks.
Several platforms are being developed that use the Blockchain to support the certification and the management of artworks for artists, collectors and operators in the sector.
Among these Art Rights, the first platform for the management and certification of artworks with Blockchain technology; professional tool to trace the history of a work, to protect the privacy and security of different users, which legitimates the information entered and decentralized, but made incorruptible.
The last line of use of the Blockchain concerns the Tokenization or securitization of an artwork, then the subdivision into several parts of a single art asset, with the possibility of sale in small shares of property.
Although the Blockchain attracts the art world and is identified by many professionals as a final solution to all the problems of the market, it is important to go back to the origins of the problems, where trust is being lost.