Monthly Archives April 2018

How Art Collecting Will Change with Blockchain

Blockchain is the main technology behind bitcoin and other cryptocurrencies. It is responsible for its security, the creation of coins/currencies, the transfer of ownership, and various other aspects of cryptocurrency use. This technology’s application is not limited to cryptocurrencies, though. In fact, it can be employed in art collecting.

There are four areas in art collecting that can benefit from blockchain namely, authentication, digitisation control, ownership, and remuneration.

Authentication

Blockchain particularly bolsters digital art as it provides a system through which digital artworks can be authenticated. Attributions and other important information can be embedded in digital art. It’s different from the typical metadata or EXIF data found in digital photos or images. With blockchain technology, the attribution and other information embedded in digital art cannot be easily changed. Everything that the digital image goes through is being recorded and is trackable.

This makes it difficult to create counterfeit copies or forgeries. No matter how many times an artwork is sold or made to pass through different owners, its authenticity can be easily proven. Everything that happens with it is documented in the blockchain. This infers reliable provenance for digital art.

Digitisation Control

You may have read in crypto reviews that blockchain is responsible for the definite amount of cryptocurrencies in circulation. This idea is very much applicable when it comes to controlling the number of digital art being produced. An artist, for example, may want to release only limited 12 copies of a specific digital art. With the standard setup of digital file handling, this does not make sense as digital images can be duplicated over and over again. You just have to copy a file and paste it into a different folder.

With blockchain, it becomes possible to control how many specific copies can be produced. This prevents prohibited duplication and maintains the integrity of what artists intend for their work. It may be possible to copy the file but it will not be accessible or viewable without a license or the granting of permission from the art owner. Other attributes or metadata may also be introduced to the art to add more means to verify authenticity.

This digitisation control advantage can also be useful to the collection of physical artworks by creating tamper-proof digital versions of physical artworks. These digital versions can serve as indubitable visual references for the details found in the original physical art. They can provide a full guide as to how the original artwork looks like and supply other details helpful in determining authenticity.

Ownership

Blockchain can help establish ownership by embedding in a digital art’s metadata details pertaining to ownership. This will prevent theft and serve an indisputable proof of ownership. As mentioned, blockchain-based metadata cannot be easily altered so it is nearly impossible to change the name of the established owner of an artwork without going through the proper process.

Remuneration

Lastly, blockchain technology can create conveniences when it comes to payments. Aside from making it possible to pay for art anonymously through cryptocurrency, the blockchain may be programmed to record payment details and automatically direct payments for commissions, royalties, and other fees associated with an art purchase.

Ultimately, blockchain is advantageous to art collecting, especially when it comes to digital at. It makes it easy to know what is authentic and prevent counterfeit production. It likewise facilitates faster ways for claiming ownership and making sure artists and collectors get properly remunerated.