Deloitte Rolls out Blockchain ‘Proof of Concept’ For Art World

391

Share with:


Deloitte Luxembourg has recently presented a ‘Proof of Concept’ for a Blockchain-fueled alternative to the paper trail that normally proves the provenance and movements of a piece of artwork. The firm’s Blockchain development team revealed the application during the ICT Spring summit in Luxembourg recently.

 

The Deloitte ArtTracktive proof of concept provides a distributed ledger for tracking the provenance and whereabouts of fine artworks. The Blockchain-based application manages the interactions between all parties involved, from the artist or the owner of the piece of art, via freight forwarders, customs, art galleries, museums and all the way to potential buyers.

“The Blockchain distributed ledger can trace the journey of artworks. When this technology is used in the art market, all events in the life cycle of an artwork are recorded and traceable. The application addresses one of the main concerns in the art market today, namely the fragile documentation related to the provenance and movements of a piece of art,” explains Patrick Laurent, Partner and Technology Leader at Deloitte Luxembourg.

Paper-based art transactions

According to the TEFAF 2016 Art Market Report, last year US$63.8 billion-worth of art was sold globally and the number of art transactions in the world reached 38.1 million.
Due to the paper-based nature of art transactions, there are numerous provenance and traceability issues related to artworks. The players of the art market still rely on paper certificates and receipts which can easily be lost, tampered with or stolen—and history has shown that fraudulent certificates of authenticity are not uncommon.

As a response to these challenges, Deloitte Luxembourg’s proof of concept demonstrate how Blockchain technology can solve the current provenance and traceability issues in the art world by storing the full history of an artwork in a secure environment available to all.

“This example shows that Blockchain technology can transform sectors far beyond financial services. The model on which we based ArtTracktive is resilient and scalable and can be adapted to meet other business needs in other sectors,” comments Thibault Chollet, Director and Blockchain Leader at Deloitte Luxembourg.

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Chronoform

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group