The disruption spree of blockchain continues as, after other sectors, it is now all set to transform art market under its presence. Blockchain solves various problems when it comes to art market such as provenance, transparency, copyright, ownership, valuation, and authenticity of art. Seeing the potential, art startups are already building real-world applications based on Blockchain.
Blockchain can certify provenance
As a distributed ledger, it can be used to provide an immutable and censorship-resistant database of ownership. Many organizations are looking to leverage this technology in issuing certificates of authenticity. With blockchain in operation, artists can share their work, gain visibility on where it spreads on the Internet and use the technology to license it and generate revenues.
Moreover, Blockchain’s ability to certify provenance has not only attracted new entrepreneurs. Professional services firms, such as Deloitte, have also expressed their interest in the technology.
Here’s how blockchain can solve traceability issues.