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Blockchain| A Gift From The Gods To The Art World


Blockchain| A Gift From The Gods To The Art World

Block chain's footprint in the art world is becoming increasingly visible, and has the potential to revolutionize the art world in a variety of ways. Three of the more prominent uses for which block chain is now being used in the art world are, in the fight against art crime, especially fraud, allowing part ownership in artworks and lastly in the creation and monetization of digital art forms. Blockchain is a way of storing information so that it is almost impossible to change, steal or hack. When a blockchain is created, it is circulated and added to a ledger that is spread across a complete network of computers in a system. Utilizing these attributes will and is changing the art world.


Blockchain| A Gift From The Gods To The Art World

Blockchain and Art Crime

The forging of artworks has been a very profitable business for thousands of years, and over the last 400 years has become, forgive the pun, an art form in its own right. Scandals are legend in the art world, from the most prestigious galleries and auction houses, to little known provincial museums or online sales, fraud and forgery are rampant. One report from the Switzerland’s Fine Art Expert Institute (FAEI) stated that ‘around 50% of art circulating on the market being forged or misattributed are likely on the conservative end of the spectrum’, that is according to Yan Walther (R), Executive Director of the FAEI. A piece of art should have documentation known as provenance. This document shows the history of ownership for the piece of art, and is meant to confirm its authenticity. Read More...