How Blockchain Technology Keeps Art Ownership Transparent
1. An artist creates a new piece, or a collector or gallery makes a sale, and certifies it with a token on a blockchain.
2. When the artwork is purchased from the artist, the token transfers to the buyer.
3. Each time the piece is resold, the token transfers with it.
4. The token transactions are stored publicly on a distributed ledger that anyone can edit or access, so buyers and sellers can easily track the entire history of ownership. If the token doesn’t originate with the artist’s crypto wallet, or with a well-known gallery or investor, its provenance could be called into question.