Deloitte to Use Blockchain to Prove Your Expensive Art Isn't a Forgery
- Blockchain technology can modernize the $60 billion fine art market which still relies on a paper trail.
The Luxembourg branch of accounting giant Deloitte has presented a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe alternative to the paper trail that normally proves the movements of an artwork. The Deloitte ArtTracktive proof of concept provides a distributed ledger for tracking the interactions between all parties involved, from the artist all the way to the buyers.
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“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.
The players in the $60 billion fine art market still rely on paper certificates, which can be forged, and this proof of concept demonstrate how blockchain technology can modernize the art world by recording the full history of an artwork in a secure open environment. “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.
Earlier this month Deloitte announced that it is working with five blockchain startups (BlockCypher, Bloq, ConsenSys, Loyyal and Stellar) to provide new solutions to its clients. The giant accounting firm is in the process of creating twenty prototype technologies based on blockchain in varied fields including digital identity, digital banking, cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , loyalty and rewards, investment management and insurance.
The Luxembourg branch of accounting giant Deloitte has presented a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe alternative to the paper trail that normally proves the movements of an artwork. The Deloitte ArtTracktive proof of concept provides a distributed ledger for tracking the interactions between all parties involved, from the artist all the way to the buyers.
The new world of online trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
“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.
The players in the $60 billion fine art market still rely on paper certificates, which can be forged, and this proof of concept demonstrate how blockchain technology can modernize the art world by recording the full history of an artwork in a secure open environment. “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.
Earlier this month Deloitte announced that it is working with five blockchain startups (BlockCypher, Bloq, ConsenSys, Loyyal and Stellar) to provide new solutions to its clients. The giant accounting firm is in the process of creating twenty prototype technologies based on blockchain in varied fields including digital identity, digital banking, cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , loyalty and rewards, investment management and insurance.