Article: How Blockchain Technology Could Solve Problem of Lingering Mysteries of Provenance
A digital registry for the art world solves the long lasting problem of existing provenance data silos among industry players and amplifies confidence in the art market.
In the third part of the series on how blockchain technology could solve problems plaguing the art industry, Tim Schneider emphasizes the problem of the lingering mysteries of provenance. (Part I, Part II, Part III)
To hear any true believer tell it, blockchain technology will quite literally change everything about how we as a society do business, and the art industry will be transformed as a part of this wholesale reformation.
—Tim Schneider, artnet News
A publicly searchable and tamper-proof title registry for artworks powered by blockchain technology as the solution to the industry’s title woes closely resembles the building blocks of the Artory Registry. When a significant event takes place in the lifecycle of an artwork or a collectible, a vetted issuing party creates a permanent record within the Artory Registry. These records are then made accessible through a public portal, where they are combined with more data from other records to widen the view beyond a particular event, artwork, and artist.
“The product is data integrity.” — Nanne Dekking
The issuing party provides the new owner with linked physical and digital certificates of ownership. These certificates contain unique security features that protect both buyers and sellers: A work’s ownership can be verified, while the owner remains anonymous both to Artory and the public.
By creating an immutable registry with standardized certificates, Artory builds an additional layer of trust and amplifies confidence in the art market.
Artory is building a secure, digital registry of verified information about artworks and collectibles, and their history. Check out our product page for more information!
Nanne Dekking is the CEO and Founder of Artory and the chairman of TEFAF. He is advocating for change and progress in the international art market.
