Could Blockchain Put an End to Illegal Art Sales?
The art world is known for its illegal sales and piracy issues. It is a multibillion-dollar revenue generating industry. This revenue could be much more if one could put an end to counterfeited items sold. The world is becoming increasingly digitized and that means the art world is too. More and more people have started to buy online and the online market is likely to grow exponentially.
One of the major issues facing the art market is the lack of ability to determine the artwork’s origins. This is where Blockchain comes in handy; it aims to eliminate fraud and the counterfeiting of fine art. The technology helps protect the artwork of the artists.
You might be wondering that how can a technology end illegal art sales, well read more to find out just how powerful this technology actually is.
Blockchain came out in 2011 alongside Bitcoin and further developed from there. The technology brought many changes to different industries which faced a similar corrupt fate. The art world has started to become more aware of the capabilities of Blockchain which could put an end to fraud. Since people can easily be fooled into paying a huge sum of money for acquiring artwork thinking that it is original, Blockchain is fundamental to stop the exploitation of both the innocent customers and artists who spend a considerable amount of time and resources to produce their unique artwork.
Blockchain will put an End to Counterfeited Artwork
The technology will combat counterfeited artwork and put an end to any forgery with the help of its decentralized ledger which helps bring transparency to the customer and artist. It will help with authenticating art which helps increase the value of original creation.
It records all the information of the artwork since its creation and all the way to its sales and transfers. The information which is recorded will include the date and time of the original creation as well as the manufacturing process and techniques employed and the materials used.
Uses Art Cryptocurrency
With the help of Blockchain, one can now easily buy and sell their artwork using art cryptocurrencies as well as through other cryptocurrencies available in the market. The technology will provide investors with an art token for their investments and they will receive a return with respect to the amount of investment made.
This, in turn, would make the transactions transparent and secure for all the stakeholders. The Artchain provides an incredible verification system which improves the transaction process and ensures that appropriate information is recorded and maintained.
Blockchain is the Future of the Art World
The technology of Blockchain is unparallel and unlike anything that has been developed. It uses the creation of smart contracts to accurately record all the information and ensure that there is no illegal use of the artwork. Artists are keen on using Blockchain technology for their artwork to take advantage of the many benefits which come with the technology.
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