What is Blockchain Technology?
Artchain is revolutionizing the art investment industry with powerful blockchain technology that can be used to protect against fraud and increase the speed of art-related transactions. Through this technology, we seek to reduce inefficiencies in the market and one day eliminate fraud altogether.
In this post, we’ll explain what it is that makes our technology so powerful: blockchain. Specifically, we’ll go over the basics of blockchain technology and how we use it to protect your investments and make the art investment process more efficient and attractive for all involved.
Let’s start by answering the following question: “What is blockchain technology?”
It’s actually simpler than you may think. The “block” in blockchain stands for individual data blocks that represent certain information about a piece and its transaction history. Multiple “blocks” come together to form a chronological “chain” of data that can be accessed to view a piece of artwork’s transaction history.
Blockchains are inalterable, which means that they can’t be manipulated for purposes of fraud. This makes blockchain technology a necessary component of the art investment market. Below, we’ll take a more detailed look at what exactly blockchain is used for in the art industry and what it means for you.
What It’s Used for
Blockchain data exists as part of a digital network that can be accessed wirelessly. This means that data kept in blockchains can be easily accessed to verify the condition and authenticity of a piece of art.
Artchain provides galleries, retailers, and artists with the ability to verify their artwork through blockchain technology. This allows their pieces to have more secured value in the art market. With traceable and certified history, pieces embedded with blockchain technology are much more attractive to potential investors.
This is because blockchain technology significantly reduces the cost of art investment by cutting out the need for extensive appraisals or middlemen. For investors, then, Artchain’s block technology signifies a new investment standard by which smarter and more economical investments can be made.
What This Means for You
For the investor, this means that you now have a better way to protect yourself against fraud. With an estimated 50% of all artwork being sold fraudulently, it’s crucial that you have a way to cheaply verify your potential investment’s authenticity. With blockchain technology, it’s never been easier to access transaction history and prove the identity of a piece of art.
For the art seller, blockchain technology offers a way to increase investment opportunities by strengthening brand reputation and piece verification. In other words, Artchain’s blockchain technology allows you to secure your assets and position yourself more attractively in the market. This means greater investments and more revenue.
As can be seen, investing in Artchain is a win-win for the entire art market. By providing an economical way to verify the authenticity of any piece of art, we are transforming the way the market does business. For galleries and investors alike, our blockchain technology signifies a new, smarter age of business that looks to take art investment into its golden era.