Can blockchain technology become the mainstream of the art world?

If the art world can quickly adopt a revolutionary technology like the financial world, then the source, copyright, and certification issues may soon become a thing of the past. Art start-ups are already looking for real-world applications for the blockchain, which is the technology behind Bitcoin. Although Bitcoin has recently been battling internal disputes and its reputation for supporting the drug trade, blockchain is becoming the technology with the most significant impact.

Can blockchain technology become the mainstream of the art world?

The blockchain is essentially a highly secure public database in which transactions are permanently recorded. When a transaction occurs, it will not be recorded on a single centralized ledger, but will immediately appear on a huge computer network. Although it is public, it can only be used with a specific "key". When accessed, it leaves an immutable track. In other words, blockchain technology eliminates the need to trust a third party to verify transactions.

From major banks such as UBS and Deutsche Bank to the Nasdaq stock exchange, the financial industry has been rapidly adopting this emerging technology, mainly because of its ability to significantly reduce transaction costs. But other industries also see this potential. "All aspects of our economy are adopting certain parts of blockchain and are studying how to use it." said Judith Pearson, president of Breckenridge Private Asset Management Group and co-founder of Aris, a leading art title insurance company.

In the art world, the key to which blockchain technology may overcome one of its biggest challenges is the lack of transparency. The art world is often described as the last unregulated market, and they usually rely on trust to operate. But this trust has always been tested, with recent counterfeiting scandals such as the fiasco of the Knoedler Gallery and the case of the German counterfeit Wolfgang Beltracchi.

Pearson said: “The art market is prosperous because of the lack of transaction standards and transparency.” A networked digital ledger, such as a blockchain, can help you track the movements of artworks without relying on paper records of provenance. system. But this will require the trade community to adopt new technologies, which may be a slow approach.

First try

Not surprisingly, the first attempts to use blockchain in the art industry were initiated by startups. For example, it provides a platform for artists to upload their digital works, ensure their ownership and sale. Masha McConaghy, co-founder and former curator of Ascribe, said the company's goal is to overcome the obstacles to collecting digital art. "The value of a work is based on its provenance, but how do you track the provenance of a digital work? It can be copied millions of times for free and spread all over the world."

Open to everyone

At the same time, Blockai, a Silicon Valley-based startup, is trying to democratize copyright protection. The platform allows artists to claim copyright in an instant and show them where their works are used. Blockai also played a role in deterring fraud. Nathan Lands, CEO of Blockai, said: "If someone tries to claim that someone else is working, there will be a permanent record. You can't put it on the shredder or knock it out."

Other art-related blockchain companies include Verisart, founded by Robert Norton, the former CEO of Sedition and Saatchi Online.

Verisart assigns certificates of authenticity to works of art. Norton and McConaghy participated in a panel discussion at the Frankfurt Book Fair on October 19th. The topic was "Blockchain", "Bitcoin & the New Currency of Art". The art pricing database Artprice also launched a blockchain project in May.

Get physical art

However, digital art only accounts for a small part of the art market. The real coup will be to bridge the gap between physical art and blockchain. Blockchain entrepreneur George McDonaugh provided a solution by combining it with tagging technology.

George McDonaugh and his wife-an art restoration expert-and a company called Norman Ventures have created a prototype of a "blockchain tag": a chaotic mixture of different colored materials that can be placed in a painting side. This will produce a unique fingerprint. A missing chain tag may indicate that the work has been tampered with. Alternatively, the fresh canvas can also be marked with a chain print. "Suppose you are a young art student and you go to Amazon to buy an oil painting. You can choose between a partitionable canvas (which belongs to you permanently) or a normal canvas."

Because of all the excitement generated by new technologies, many believe that the dangers of managing decentralized ledgers have not been fully understood. The artist and founder of the London Art Organization, Furtherfield, and Ben Vickers organized a conference in the British capital, bringing together the world's leaders in technology and cultural policy. Vickers said: "We organized the conference because we are very worried about the role of blockchain in the development of the world. Technology tends to shape reality in ways that people do not perceive. Blockchain is particularly terrifying because of its impact on governance, identity, and global supply chains. It has a profound impact. Last year, Furtherfield staged an exhibition of cryptocurrency human faces. Artists are looking for ways to break through some obscure language in blockchain technology and make this topic visually fascinating.

New Zealand artist Simon Danny held the "Future of Blockchain" exhibition in New York this month at the Pezer Gallery in New York (until October 22), and he used the risk of gaming to illustrate the technology. This is the sequel he showed at the Berlin Biennale, where he observed three major blockchain companies through a board game that conquered the world. Despite the militaristic code, Danny believes that this technology is a positive force, and it provides an "interesting proposition" in response to the widespread dissatisfaction brought about by globalization. He said: "Through blockchain and Bitcoin, we did not retreat to nationalism, but hide behind a wall and try to establish a fairer global communication." It has at least a utopian tendency. "

Whether the mainstream art world supports blockchain technology remains to be seen. Pearson said: "I have provided some business plans for several companies that can benefit from blockchain technology and introduced them, but they have not made progress.

Perhaps tomorrow's Peter Doigs will be able to prove what their job is with a few clicks, rather than a three-year legal battle.

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