Fine art under the protection of new technologies ?
It goes a year to the past, I spoke with my friends about how may be Blockchain profitable for Fine Art. I remember well, that most of the reactions were pretty cold, as market is very specific and conservative, with big financial assets, and UHNWI, banks and insurances, which create pretty difficult environment specially for new technology.
Nevertheless, I started to collect ideas and informations, big luxury brands already started to work with multinational corporations on solving their’s predominant problem of counterfeiting.
But is it really all what Blockchain may do ? Definitely not, and especially the profits increase even much more if one combines the strength of Blockchain and the IoT.
Let’s look to the Fine Art, that is slightly different from the luxury items mentioned above. I mean the Fine Art, paintings, sculptures, and similar items.
The issue #1 is counterfeiting. It is a small highly specialised startup that has developed a marking system chat cannot be copied nor reproduced. It opens the door to registration of original work, its authentication, prevention of counterfeiting, but also to new forms of monetisations like virtual galleries, distributed virtual auctions, etc.
Finally but not lastly, one who purchased its favourite painting, wish that also this painting will arrive to its house, and that it will not be lost or exchanged on the way.
A!!! One will say “There are assurances for it”. Yes Assurance assure you against the loss, but frankly If you finally bought the painting of your dreams, do you wish to see the it on your wall, or the money from the insurance. It is also question for assurances if they adopt a more strict control of the items.