The Prospects Of Authenticating Artwork Through Blockchain
Forgeries have long been an inescapable problem in the art world. By some estimates, roughly half of the artwork circulating on the international market is fake. The problem is that the current methods of authentication leave plenty of gaps in the system. Works of art disappear and then mysteriously reappear on the market. Talented forgers pass off fakes as the real thing. And collectors are left wondering whether the expensive works of art they buy are actually worth the hefty price tag.
There is a solution for truly authenticating artwork and closing the gaps in the system — Blockchain. Authentication of art is prohibitively expensive for most people. You could easily spend $2,000 to have one piece authenticated. Generally is physical certificate is what authenticates your artwork, but unfortunately a piece of paper saying your artwork is authentic doesn’t really mean much. It can be lost, stolen, destroyed. And once it’s been separated from the artwork, it becomes meaningless.
The only way to provide truly secure authentication that stands the test of time is with a one-to-one link that ties a physical work of art to a digital record. And the technology company Chronicled has developed a tamper-proof Cryptoseal that affixes to the artwork, creating a one-to-one link between the physical object and its digital identity on blockchain. As technology advances, there will be even more options to link a physical work to the digital world beyond tamper-proof seals.