Blockchain: Getting Started in the World of Art
Disrupting every industry in the world, blockchain today doesn’t seem to be needing any introduction as people are getting aware of this revolutionary technology.
Aimed to create a decentralized system and a form of digital ledger, which public and immutable blockchain has sprouted its roots and is constantly evolving itself to meet the diverse needs of today’s audience. Its notable impact on the financial industry has caught the attention of users or simply said helped it rise to the place where it is today.
Though it is slowly making its way in other industries, its introduction to the Art has been quite a phenomenal one. The art industry and technology has been going hand in hand for a few years now,. But, the introduction of a blockchain technology has been quite a surprise for everyone.
An industry woven in traditional roots, where only the richest seem to be having an upper hand, the blockchain technology fundamentally seemed to generate its own positive waves of chaos in order to disrupt the traditional flow that exists in the industry.
The art industry has always struggled with issues surrounding forgery. On top of that the intermediaries involved in the art transaction have the habit of taking bigger chunks from the sales. The skepticism around the authenticity of art coupled with getting less pay on the price or royalties makes it difficult for artists to receive the pay they deserve.
With blockchain technology and its ever evolving applications, the art industry has much to gain than lose.
- Eliminating Forgery
Art forgery is sophisticated enough that even the experts fell prey to it. Recently, many scandals related to art forgery have emerged making the trust increase the trust issues in already skeptical art buyers.
However, by using the provenance approach of the blockchain. This system helps to improve the supply chain and art trade. Also, since blockchain technology is immutable in nature buyers, the timestamped content piece enables one to be assured of the provenance.
- Contracts
Blockchain based Ethereum currently uses smart contracts. A preset of executable codes, smart contracts helps to enforce the parties based on the preset contract rules. This empowers artists to have the power on their art’s rights and decide the revenue model.
- Having the transparency
Often the intermediaries involved in the work of art transactions create interaction asymmetry and interactions friction. With blockchain’s peer-to-peer consensus mechanism, the third parties don’t have any involvement in the process of the value system.
The above are just a mini slices of the blockchain technology’s benefit’s pie. Apart from these, the blockchain technology enables artists to create their own marketplace to sell their digital art as well opening a flood of opportunities for them to receive the money for their hard-earned labor.
