Finance

Will Blockchain Technology Revolutionize the Art Market?

Thanks to blockchain technology, the art market is very close to experiencing significant changes. The blockchain will solve the main issues that the traditional market system hasn’t addressed yet, such as copyright, property, certificate of authenticity and valuation. This will make possible a transparent and democratic market that everyone can be part of.

An example of this is the increasing sales of online art: $ 3.75 billion in 2016, which was 8.5% of the market in general (15 percent greater than the year before). With this vast potential, art start-ups are implementing real-world applications based on Blockchain. In 0xowns.art, they pursue the transformation of blockchain to art with a real-time marketplace allowing to resell the work in the same platform and the possibility of profiting from your investment.

Blockchain attained its greatest growth in 2017. For bad or for good, a growing number of new companies from different industries such as finance, energy, health, food, and even art is including blockchain, but what is blockchain’s utility for the conservative and blockchain for art market? Receptive to technology?

Transparency and Security

An important point to understand is to know that the art industry has lacked openness and responsibility. Many art records are driven by blockchain that record works of art, their economic history and are thus opening the way.

The art world blockchain technology makes it possible for any artistic work to be stored securely and accompanied by verified authenticity certificates, provenance records, cataloging details and sale prices. This allows companies that operate in related fields such as insurance, shipping, asset-backed loans, and artist royalties, to interact with confidence with the data, which are permanently recorded and can not be manipulated or omitted selectively.

One drawback is that these systems can be corrupted with lousy information. Though 0xowns.art; a blockchain project focused on art marketing with trust and without the exchange of digital tokens or assets has remedied the situation by creating a safe for all platform using a great blockchain based security system.

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