17 Aug How ArtChain Global Leverages Blockchain, 5G and IoT
You’ve found that perfect work of art, but want to know the following before you purchase:
- Is the art authentic?
- Who owned it previously?
- Where has it been exhibited in the past?
How do you find the answers to these questions? Art is often accompanied by documentation commonly known as provenance, the history of ownership. This includes details like the creator of the piece, sales prices, exhibition documents and appraisal value to name a few. The documentation can take many different forms such as a statement of authenticity signed by the artist or an expert in the field. It might be an original sales receipt from a gallery or directly from the artist. Unfortunately, these documents can be falsified bringing doubt to the authenticity of the art work.
Now imagine a world in which you could trust that the artwork’s authenticity has been indisputably verified and you know exactly who owned the artwork previously. That is one example of how ArtChain Global will revolutionize the global art industry. ArtChain Global can do this by leveraging blockchain, 5G technology and the Internet of Things (IoT) on its digital platform. The platform supports the registration, trade and tracking of art assets across the entire lifecycle of the artwork. This can eliminate fraudulent activities and restore credibility to both buyers and sellers.
How Does ArtChain Global Work for Art Ecosystem?
Artists, collectors, galleries and auction houses are able to register their new artwork on ArtChain Global’s digital platform. The artwork’s authenticity is then verified without requiring an in-person third party which is currently needed for traditional authentication. Once verified, a secure and permanent digital record is created using blockchain technology. Unlike a central server which is vulnerable to being hacked, blockchain resides on a vast number of computers making the record unchangeable. Even if changes or hacks are attempted, the blockchain is self-correcting and therefore indelible. Therefore, buyers can have confidence in the authenticity and provenance of the artwork.
The ArtChain Global blockchain is permissioned and based on open, expandable blockchain technology enabling it to easily scale as the art community grows. It also leverages real-time technology by embedding 5G-enabled IoT sensors into the artwork to track and report important information such as location, positioning, moisture and other parameters. The sensors permanently record that information onto the tamper-resistant blockchain. The 5G technology helps ArtChain Global achieve faster speeds, lower latency and provides the robust network support essential for the IoT devices’ massive data traffic.
For the art asset trading platform, ArtChain Global can implement traceability of artwork based on the blockchain technology and smart contracts. A smart contract is a software coding that adds layers of information onto digital transactions being executed on a blockchain. Simply put, a contract or agreement between parties involved in a transaction that holds each party responsible. In this case, a buyer and seller.
Not only will ArtChain Global act as a trusted artwork registration and trading platform, but will also act as a discovery tool for people to buy and sell authentic art. Artists will now be able to easily connect with buyers, auction houses, galleries, curators and talent managers worldwide. This will provide greater exposure for artists while art collectors will benefit by discovering new art that they otherwise might not be exposed to.
Register your interest today
This platform is nearing completion. Don’t wait, join the exclusive invite list today. Register at www.artchainglobal.com