Why Blockchain is useful for Artists!
If you are an artist who is thinking of how Blockchain could help but are unaware of its benefits, then you have come to the right place. Artists are known to work hard to create masterpieces. They want to have their art sold for a good price and make sure that no one uses the work unless allowed to do so.
Artists put a lot of thought into the creation of their work and it is painful when someone copies their work. Such acts decrease the value of the work and put their reputation in danger. Now, this is where Blockchain technology comes into place.
It was first established in the year 2009 just when Bitcoin came out. Blockchain helped improve performance in the industry. It is perfect for the art industry, as it provides a safe environment for buyers and art sellers. The technology helps keep track of the origin which ensures that the work is original and authentic.
Besides this, Blockchain is very useful for artists. Here are some of the reasons why an artist should consider using Blockchain technology.
Use of Smart Contracts
In the world of today, we need contracts which are better aware of the technology-driven environment and which keep evolving. The technology allows for smart contracts to be made which are very useful as they ensure that everyone gets a fair profit.
A smart contract is an electronic agreement which helps divide the profits according to the level of contribution made by the individual. Artists will be paid a fair amount for their work. The process of payments will also be much quicker.
Better Funding System
Blockchain technology provides a platform for artists to raise capital for their work. Many artists are raising money in a similar way through ICO (Initial Coin Offering). The stakeholders receive art tokens for their investment in your work. They might even receive shares in some cases and receive a return depending on the profit.
Protection against Piracy
One of the most important benefits of Blockchain is that it provides protection to the artists for their work since all the data has already been recorded from the beginning. The technology allows safe and secure transfer of assets between the artist and customer which diminishes any risk of the work from being copied or either used without the artist’s permission.
The whole process of the transactions with the help of Blockchain is highly transparent. It distributes a ledger which can be shared to all the parties. One of the key benefits is that the data cannot be modified. Therefore, your information will be correct.
Further, the technology will help provide a track of the transactions and the artists would know how they are generating money from the work. It reduces any chances of illegal art purchases.
Blockchain is the future for almost every industry. Artists are most vulnerable without the help of Blockchain technology, which is why artists should consider using technology for their work.