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Monday, December 6, 2021
Home News Deloitte Rolls out Blockchain 'Proof of Concept' For Art World

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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