Security - The Art of Blockchain

When it comes to security, blockchain provides a distributed trust model. In the art industry, one of the severest problems is the black-market for stolen art pieces. For this reason, governments around the world are regulating trades among buyers and sellers. The blockchain can help in providing security to the transactions, as it records and stores every transaction made. For example, after the initial registration of an art piece in the blockchain, every time it changes owners, the information is saved in the chain in form of a block, keeping a register in the same block of all the transactions done to the same art piece. This way it becomes increasingly difficult, that stolen art pieces are sold to someone else, or even being sold in the black-market by its owner. The consequences can weigh severe, for individuals, museums, and even governments, who suffer forgone taxes.

Both the buyer and the seller have to approve a sale that will automatically be registered in the block which is completely transparent to anyone, apart from the miners of the blocks who are the ones who verify the sales and terms of a smart contract.

Source:/www.widewalls.ch/blockchain-art-market/

With blockchain security not only the art piece is controlled, but also data about the art piece is safely stored, encrypted, and easily accessible. Any hacker, attempting to corrupt the data inside the block would have to go and hack every computer related to this blockchain, say, every previous owner and seller of a certain art piece. Due to the practically non-existent chance of this event, blockchain provides an easy, but extremely secure way to safely store data about art pieces.