Blockchain technology could help artists improve their capabilities in the business of buying and selling their artworks.
It is known that in many ways blockchain technology has served some companies and institutions to enhance many areas of daily life, generating direct improvements in health, education or finance. In the same way, blockchain technology could be a powerful ally to artists who seek to publicize their pieces of art, trade them, and even register and store them in a data network protected by a decentralized network.
As it is known, blockchain technology is a decentralized network which serves as a data record for transactions made on the system and on the web. Likewise, it functions as an advanced computer system that allows these operations to be conducted.
This characteristic called blockchain is the one that allows the data to be encoded between different users so that the information is sent to its final receiver. Thus, it gives a higher level of security, since it is not possible to modify the data without leaving traces. The data of each user or of each block is protected. Changing it is something completely complicated to do.
Due to this powerful advantage, it is not necessary to use central servers. In this way, it is decentralized and thus allows a unique transparency level without depending on a provider. It also guarantees high levels of security, with the aim to preserve the immutability of the data.
Blockchain in Business and Distribution of Art
Distributed Ledger Technology (DLT) has also changed the way of making, distributing and negotiating works of art. Nitin Upadhyay explains this process of using the blockchain in the following steps.
Among the biggest benefits is the wide transparency, something that, in this way, allows artists, for example singers, to stop using only YouTube or platforms like Spotify to exchange or send songs. Now, blockchain is another option.
It is possible to create public networks where the artist, by reputation and success, expose their creations and be qualified by the receiving public, turning the network into a public podium where everyone can check their growth, among other things.
Another great advantage of blockchain in the art field is the creation of a micro-payment system where, using blockchain technology and possibly cryptocurrencies, the artist can exhibit his artwork and receive small payments for consumption, making this a possible option to monetize the art they create.
It is also possible to streamline and improve transparency in the recruitment of artists and their multiple ways of billing for their art. This could be possible through the use of smart contracts within a blockchain platform that will help give movements to the payments for consumption of their art and legal terms that artists would need to receive payments for their creations.
Finally, using blockchain technology it is possible to trace and authenticate the origin of the artworks, allowing to determine where the piece of art came from, offering more security to the client and clearly showing the steps that the artist’s creation has taken until reaching the hands of the buyer.
By María Rodríguez
