A recent introduction of Blockchain system will enable Art to be utilized as a cryptocurrency wallet. It is also expected that the design of the new system can control art forgery.
Thomas Crown Art, an art technology service has been introduced by Stephen Howes, an art dealer by profession and Ian McLeod, a technology expert. Art is primarily a blockchain-backed solution to combat and prevents incidents of art forgery.
However, the application features the extra benefit of enabling the owners of Blockchain-backed artwork so that their paintings can be utilized as a cryptocurrency wallet. It signifies that the owners can use Art to store records of their digital currencies digitally within the Blockchain record.
Ian McLeod explained that they have developed an innovative system for art collectors and artists while offering the capability of using new artworks as a ‘store of value’. The new system can also function as a digital currency wallet for the owners while offering an independent technique to prove the origin of artwork easily and rapidly.
Using Blockchain To Beat Art Forgery
The Blockchain technology is being applied to disrupt a variety of industries ranging from cybersecurity to electric vehicles and from the meat industry to meat. However, its true potential lies in the field of arts due to the prevalent occurrences of fraud.
According to Stephen Howes, forgeries are exhibiting an increasing trend and are a big problem in the word of fine art. At the same time, he appears convinced that art forgery can be combated going forward through the sensible use of decentralized ledger technology/Blockchain even when the artwork gets created.
Using physical art as a cryptocurrency wallet is indeed a revolutionary and unorthodox aspect to the offering of Thomas Crown Art, Verdict wrote. And the icing on the cake is using the same system to combat forgery related to artwork.
The post Art To Be Used As Cryptocurrency Wallet Using Blockchain appeared first on OWLT Market.
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