The Blockchain Art Collective (BAC), based in New York, recently launched their own blockchain based system to keep numerous invaluable artworks secure by maintaining records of its trade. BAC has incorporated a blockchain network, various protocols and a decentralized application in the newly established system. This platform is designed to support an artworld ecosystem. The company behind the inception of this platform is a San Francisco based tech company Chronicled that provides blockchain solutions to high value physical assets like gold as well as other services related to Fintech. Executive Director of BAC, Jacqueline O’Neill told,
We are excited to tackle this unique space–while many in the market are addressing provenance for digital art, we have not seen the same kind of turnkey solutions for physical artworks until now. The physical-digital link secured on both ends is truly a game-changer for artists and institutions. Now a physical artwork can have a single, trusted identity that stays with it for life.
The masterpieces in the ecosystem of artworld are worth millions. Having such a hefty price tag draws out a lot of criminals in hopes of stealing or forging them and then selling them for a lot of profit. It was estimated that more than 50,000 pieces of artwork are stolen each year around the world. Consequently, the black market for stolen art is valued at between $6 billion and $8 billion yearly.
The blockchain based system introduced by BAC, equips all the artworks with Near-Field Communication (NFC) chips which are utterly tamper proof. In addition to holding each artworks identity, these chips link each legitimate artwork with blockchain and makes them traceable.The decentralized application designed by chronicled enables users to scan the artwork and view the publicly registered information about it.
Many of the artists like Cryptograffiti, Nanu Berks, David Puck, RFX.1, and Orvz1 have come aboard the blockchain based system to catalogue and secure their physical artworks. Artist Cryptograffiti said,
As someone who has registered artwork on the blockchain for a couple of years now, I’m excited to see the space evolve. The BAC platform has the potential to combat one of the art world’s biggest problems, fraud, by establishing a physical link between the work and its authentication.
As blockchain based platforms receive massive adoption and the potential advantages of its utility become known among various governments, arts institutions, galleries, authenticators, and artists, a swift shift can be foreseen to the decentralized application developed by BAC. The press release about the launch of this platform can be found here.