Leveraging Blockchain To Combat Art Forgery

As we know, blockchain creates an immutable record of every transaction — whether it be art, labor and land, or cryptocurrencies. Widespread adoption of the technology could give a boost to the market for art online, which has yet to explode. Online sales currently account for only about 8%, or $5.4 billion, of the global art market, according to a report by UBS Group AG and Art Basel released this month.

“Art is a currency in a way; at the end of the day when they come to auction, the provenance is a very important element of their value.”

Trust, or lack of it, is at the core of the challenge, with potential buyers balking at the possibility of spending considerable sums on works whose authenticity can’t be fully verified. In fact, the value of fake art sold is almost double the real thing.

When it comes to art, there’s a higher hurdle of trust that you have to clear, you have to know that what you’re buying is real. Art is the second-largest unregulated market after illicit drugs and it’s significantly overshadowed by fraudulent activity. You can accelerate trust and liquidity by providing better standards for verifiable, global certification.

Create A New Future For Art

The company “ArtChain”, led by DR. BERNHARD A. BOEHLER, is developing the ArtCoin Token in order to give the solution to art forged. It’s a reasonably simple concept that can have wide-ranging implications for the art world by combating fraud through the records of the blockchain.

With the use of blockcain smart contracts and digital tokens, ArtChain aims to make art trading safer and more efficient, mitigating any possible risks associated with art investment.

Every time a piece of art is purchased on the ArtChain platform the transaction is logged within the blockchain (which is accessible through an API). Payments on the platform are processed using Artcoin tokens which will inevitably have a value that fluctuates like all other cryptocurrencies.

When the purchase is made a whole host of unique information about the piece, the buyer, and the seller are entered into the blockchain to verify the ownership and authenticity of the work. Once the trade has been verified and the collector has received the piece, the artist receives the tokens which can then be sold and converted into cash.

Features of ArtChain Platform

ArtDNA Fingerprint Services

Authentication of an artwork using state-of-the-art augmented authentication technology that scans, recognizes and validates a “fingerprint” and stores this in the image’s proof-of-life, its “biometric passport”.

Certification issuance

Using the augmented authentication technology, users are able to validate and document each transaction around an image.

Data Storage and cataloging

In order for users to get quick and user-friendly access to data sets as well as associated services, data is stored on the cloud. The artwork’s fingerprint and transaction history are securely stored on the blockchain. Each transaction related to an artwork is stored on the blockchain (in compressed form).

ArtChain Platform as a service

Which helps users maintain their ownership, lending , restoration , transportation and insurance coverage related to an artwork. Users registered as creators (i.e. artists) will be able to gain royalties from re-sales of their artworks.

Conclusion

Artcoin creates the future standards that art as a cultural asset preserves and protects the copyright claims of artists or beneficiaries and their heirs, whether institutional or private, the cultural needs, but also the material values, for every artist, art lover, collector, lover, speculator, or even interested layman, not only for contemporary but also for posterity. The resulting system immanence inevitably leads to an ecosystem that no participant of the art market - from the author, through the gallery owner, to the buyer, to the logistics company that transports the works to their destinations, the expert or restaurateur, the curator or insurer, right up to the interested layman - can no longer escape.

Project Contact Information:

WEBSITE: https://artcoin.ai
TELEGRAM: https://t.me/artcoinai
WHITEPAPER: https://artcoin.ai/mt-content/uploads/2018/11/whitepaper_oct.pdf
BITCOINTALK: https://bitcointalk.org/index.php?topic=5094737
FACEBOOK: https://www.facebook.com/artchain.ai20
TWITTER: https://twitter.com/Artcoinai
MEDIUM: https://medium.com/@artchainai

Author:

Bitcointalk Username: Tpq01349
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