06 Sep What is ArtChain GLobal and How it works
ArtChain Global… blockchain and art… what is it and how does it work?
In the past twelve months the word “blockchain” has been circulating through the media as industries across the spectrum look at how blockchain might be used to solve complex issues and problems. It’s a buzz that began with Bitcoin but has gained legitimacy as it moved from the crypto-currency world to main stream business.
Let’s begin at the basics. Blockchain is a technology platform that sits behind digital currencies such as Bitcoin, Litecoin and Ethereum. The technology allows for records to be distributed but not copied. The technology keeps a record or ledger of each unique encrypted transaction on multiple computers which each have to confirm the record is legitimate. The use of multiple computers all having to agree means that it is almost impossible to tamper with. This is thought to be the cyber security solution of the future.
Blockchain is seen as a big idea by leading universities around the world. It is deemed worth investing research teams and resources into. Projects using the block chain platform are being investigated in energy resource management, banking, real estate, management of health care records, law and legal contracts, logistics and management of government and public records. It is clearly on the innovation agenda as game changing technology.
Blockchain for the art industry
Applying blockchain to the business of the visual art world has not escaped the scrutiny of universities and startups. In the past 18 months there have been a number of startups seeking to use blockchain to manage the business of the art world. ArtChain Global is one of them. Our technology partner is Swinburne University and we are about to launch our platform.
They key thing that the use of blockchain offers the art world is the ability to more effectively and securely manage the provenance of art works. It is essentially an unhackable asset management system. The technology has the capacity to mitigate deception through fakes, copies and frauds. Depending on how the platform is applied and used it also offers solutions to managing marketing, sales and copyright and royalty payments.
How ArtChain Global uses blockchain
ArtChain Global will be a decentralised title registry system built on the security of the blockchain platform. An art object’s provenance (the data relating to creation, ownership, exhibition, etc.) will be stored against a set of unique identifying codes all verified across multiple computers in the chain. The ArtChain Global platform will use Artificial Intelligence (AI) to complete secure transactions. Before an art work can be loaded onto the platform it will need to pass a set of rules and controls to authenticate it. AI has the capacity to check every contract allowing sales proceeds to be delivered after confirmation of authenticity.
How will ArtChain Global help the art world
The goal is for ArtChain Global to be the most trustworthy reference point for buyers and sellers around the world, to increase the liquidity of art and collectables and to collaborate with artists, galleries, collectors and online platforms worldwide. It will be free for artists to use for the first ten years.
The ArtChain Global platform has the potential to:
- Reward artists for uploading artwork to the system
- Protect intellectual property and copyright
- Track and/or pay royalties
- Open new global markets to artists and galleries
- Provide a new level of trust
On a practical level an artist, gallery or collector can easily access the platform on their personal computer and on their mobile devices. On the mobile phones, they can scan an artwork and if already loaded onto the ArtChain Global platform, the entire background, history, story, provenance. Artwork authenticated by the original artist will be easy to see, stamped as authentic and signed off by the creator.
Artwork without the original artist’s ‘stamp of authenticity’ will still be available on the blockchain, it will be much like it is today. Records available, perhaps many years of provenance can be viewed.
The ArtChain Global platform will be ready for use in late November 2018, currently artists and businesses around the world are registering to be amongst the first to use the system.
Registrations are open at www.artchainglobal.com