With a long history of theft, fraud, and intrigue, the art industry has made an unlikely friend in blockchain technology. The very same tech that helps power the global cryptocurrency markets, blockchain offers a simple solution to a large problem and almost every industry wants a piece of it now. From an artistic perspective, blockchain has given the opportunity for an increased access to art, more reliable buying and trading systems, and enriching artistic communities.
Currently over 50,000 pieces of art are registered as stolen by Interpol, some dating all the way back to the 1930's. Stolen art, fraudulently purchased art, and faked art could all be eliminated under blockchain and it’s technology derivatives. Maecenas, the online art broker that relies on a blockchain transaction system to democratize the art industry. This system provides a token platform of 100 million used to buy and sell fine art safely and securely. Users are even able to own shares of an artist piece instead of buying the entire work themselves.
Able to support large sums of funds securely, fraud is nearly impossible via blockchain, the technology is a match made in heaven for artists, dealers, and collectors. This infographic below from Coin Central has more on the blend of art and blockchain and the future of blockchain applications. From art dealers, to art lovers, to the artists themselves, blockchain is cultivating an environment of honesty, safety, and creativity within the artistic community.