Blockchain Technology is Entering the Art Market.

Art Basel opened its doors to blockchain technology this year. The blockchain is a public database which could securely store transactions. The emergence of blockchain technology eliminates the need for a trusted third party to verify that a transaction has taken place. The blockchain technology can also be used to track a work of art’s movements without relying on a paper-based system of recording provenance. It would be helpful for artists to learn more about and adapt to this technology.

A big challenge of the art market is to verify the authenticity and provenance of artworks. The artworks that are forged or not attributed to the correct artist happened a lot in the art market. Blockchain technology is an advanced technology that hosted by millions of computers simultaneously, and it’s hard for hackers to access or corrupt the information easily. By using the blockchain technology, people will no longer be confused about the credibility of the artwork they would like to buy and artists are clear about if they have the authority to sell the artwork to someone since the blockchain ‘s capacity to trance and verify authenticity through timestamps on transactions and cryptographic signatures.

The art market is still in the early stage of using blockchain technology. Will blockchain ultimately benefit the art market in a broader sense?

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