How Blockchain Tech­nol­ogy Keeps Art Own­er­ship Trans­par­ent

Fast Company - - Next Code.art -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.