I always knew blockchain is capable of doing so much more, the senior citizens never believed in me. However, this is my ultimate “told you so” moment and I shall boast about it, even with you guys.
So, growing up watching White Collar, I learned all about art theft from there. Matt Bomer lured me in with his handsome face and his ability to con everyone. However, I am not much aware of art theft, mostly because I was too busy swooning over Matt Bomer, but what I do know is that it’s increasing at a terrible rate for over a hundred years particularly in regards to famous painting including works of legendary artists like; Van Gogh, Da Vinci and others.
This time blockchain played detective with the help of a senior art detective, they were able to recover a famous piece. A Picasso painting that was dubbed “Portrait of Dora Maar” went missing two decades ago which was worth $28 million.
Luckily, it was recovered on the black market in the Netherlands.
The piece portrayed a young Yugoslavian paparazzo known as Dora Markovic and it was stolen from its Saudi owner back in 1999. Well… only if blockchain technology existed back then we would have been able to locate it much earlier… I’m just saying…
This amazing news will further push other art galleries and private collectors to use blockchain technology to safeguard their valuable art pieces against theft. Distributed ledger technology further allows you to store a permanent unchallengeable record of artwork from the time of creation and so on; and allows you to authenticate your art piece for originality using the internet.
In another part of the art world, a decentralized ledger technology firm called Maecenas held it’s first art auction in June 2018, which was a success. It took place at fintech-welcoming United Kingdom gallery Dadiani Syndicate, and Andy Warhol painting was sold using blockchain.
Seems like art and blockchain are getting along really well. And as it goes for the naysayers of blockchain community, you might want to shove this article in their face next time they tell you how “blockchain has no real-world use case” or how “it just exists in the digital world”. Well fam, look at this now!