How Blockchain Tech is Inspiring the Art World
via Coin Desk
Published on May 14, 2015 at 20:25 BST
Artists are also exploring how the experimental technology can provide new ways to track and verify ownership through tools like smart contracts – authenticated by cryptographic data.
Forgery is rife in the art world. While traditional forms of licensing would create a tradable commodity, he said, buyers could not be certain the license was authentic – nor would they be able to assert whether the author had created multiple copies of the piece.
“Bitcoin offers a solution to this problem. Just like bitcoin can replace banknotes, it can replace the piece of paper with the license text on it. I see great potential in bitcoin and its technology.”
He continued: “The blockchain is the first decentralised trustable database, which can track the ownership of virtual properties in a reliable way.”
By placing a hash value – a set of cryptographic functions that enable people to identify data – of his digital artwork on the bitcoin blockchain, the artist enables potential buyers to verify that the artwork has been licensed.