In this article in The Art Newspaper, Georgina Adam looks at the players in the art market who are using blockchain technology, including Artory.
“Artory has a vetted list of specialists who verify the information that goes into the blockchain. Codex and Verisart do not have this restriction, occasionally with farcical consequences. In June, the tech personality Terence Eden registered himself as the owner of Leonardo da Vinci’s Mona Lisa on Verisart’s network, and was sent a certificate to prove it. Obviously, Eden is not the owner and, as Verisart points out, the timestamp alone proves that. But this does highlight a problem in the system — as Nanne Dekking of Artory said at the Christie’s summit, ‘garbage in, garbage out’ (although he used a more indelicate term).”
Adams concludes the article by asking, “So, Holy Grail or snake oil? The answer lies somewhere in between. Blockchain could improve many aspects of the art market by offering a secure database of information about provenance, authenticity and ownership. Various levels of access through ‘keys’ can ensure privacy — an important consideration for the art market.”
Click here to read the entire article.