ArtCoin: A Blockchain Solution for Art Forgery
Art forgery is a two-thousand years old problem. A Sotheby’s Institute of Art report estimates that 10 percent of artworks in museums are counterfeit. It could be a conservative estimate because experts found that more than half of artworks in a South France museum were fakes!
When artists create their artworks, they first create them in the mind. Then they toil hard, finally, after a lot of effort they create their masterpieces. A forger has it easy since it takes significantly less skill to produce a counterfeit. Also, once they make the first counterfeit, they can easily replicate, with minimum effort.
Artists use archaic methods to prove their creators’ ownership of their artwork. A common method is inscribing artists’ signature. However, forgers can easily circumvent that fundamental safeguard. Separating fake from genuine is more difficult once many counterfeits are on the market. Forging ownership is easy, so how are art buyers to know if a print run is truly genuine?
Artists need a secure way to assert their creator ownership of their masterpieces. The unique ownership key must be incredibly hard to crack so that forgers become disincentivized. No one should be able to tamper with artists’ creator ownership right record. No unauthorized person should be able to make money from that artwork.
Art industry depends on the sale of artwork; also donations are essential for upcoming artists. Can an anti-forgery solution also help artists easily earn from their artwork? That could be a benefit. However, donors must have an easy way to support the new artist.
ArtChain.ai aims to use blockchain anti-counterfeit solution to fight art forgery claims to tick all the boxes. The company has called their solution “ArtCoin.”
Perhaps the most obvious use of blockchain is to fight art forgery through the establishment of better authentication and provenance. Since at its core the blockchain is a distributed ledger, it can provide an unalterable record of provenance starting with authentication and ending with the current owner of an artwork.
ArtCoin certifies and verifies artworks and collectibles using the blockchain technology. They are fighting art forgery by providing an authentication methodology that allows for real time verification of artworks using distributed ledger and image-recognition technology. Their initial target market is authentication for living, working artists. In the long run, they plan on moving toward authenticating older works by working with artists’ estates eventually having the provenance for every artwork in blockchain.
Beyond fighting forgery and theft, blockchain has the potential to protect and support artists by introducing new methods of monetizing their work. ArtCoin platform is also providing the artworks marketplace. The marketplace aims to make art trading safer and more efficient, mitigating any possible risks associated with art investment with the use of blockcain smart contracts and digital tokens
Every time a piece of art is purchased on the ArtCoin platform the transaction is logged within the blockchain (which is accessible through an API). The blockchain will also provide a unique information about the piece, the buyer, and the seller to verify the ownership and authenticity of the work. Once the trade has been verified and the collector has received the piece, the artist receives the tokens which can then be sold and converted into cash. Payments on the platform are processed using Artcoin tokens which will inevitably have a value that fluctuates like all other cryptocurrencies.
The ArtCoin token symbol is ARS token. ARS will be launched on the Ethereum blockchain, adhering to the ERC-20 token standard. ARS tokens are used to complement the full range of ArtCoin platform services. Currently, the ARS token sale is ongoing. You can join the token sale and be the early investor by registering on the website HERE!
Project Contact Information:
Bitcointalk Username: binar234
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2053245