Art Authentication Using Bitcoin Blockchain - Actual Commercial Application
ArtChain.info is an actual commercial application of the bitcoin blockchain being used for art authentication. There are other projects exploring the use of bitcoin to authenticate art, such as Ascribe and Verisart, but these applications are either still in the experimental stage, or not used to authenticate high-end fine art.
ArtChain.info is currently tracking the ownership (provenance) of art created from some of today's most popular contemporary artists. It is the high-end collector level art pieces that benefit from the ability to prove authentication, and it is the bitcoin blockchain that is the perfect vehicle to meet this challenge.
Some of the artists who have already registered art pieces on the bitcoin blockchain using Artchain.info include:
All of the above art pieces range in price from $8,000 to $60,000. The retained value of each art piece is directly related to their proof of authentication. If the art pieces cannot be proven authentic, the resale value plummets, particularly today when there are so many forged art pieces sold on the Internet.
Artchain.info eliminates the possibilities of forgeries. Since the artists themselves register each art piece on the bitcoin blockchain, only the blockchain transaction chain can be considered to track the ownership of the art and therefore authenticate the art. The collectors of the above art pieces can now prove to the world they are the true and only owner of the art because they control the current owner bitcoin address. Anyone attempting to forge any of the above art pieces will be thwarted because there is no way for them to modify the bitcoin blockchain.