Combating Counterfeit Art Sales With Blockchain Technology

10/17/2017 08:25 am ET

Bitcoin transformed the way we think about currency, it has made countless early adopters millionaires in a matter of years. Despite the cryptocurrency industry becoming a huge (and serious) investment marketplace, the true gift to the world that bitcoin gave us was the blockchain itself.

The ability to have a decentralized self-regulating system for transactions was revolutionary. Many developers and researchers instantly saw that there was an almost unending amount of potential usages for the tech that would inevitably change the way many different industries operate.

It seems that each and every day there is a new innovative blockchain based system being released to the world. Some of which are gimmicky, but some have the potential to be game-changing for long-established industries.

There is perhaps no industry that is more “traditional” than the art collection industry. While the art world itself is constantly changing with things like street art coming on to the scene, the transactional processes themselves have remained reasonably unchanged for hundreds of years…

Until now.

Art fraud has been a huge issue ever since people started buying, selling, and collecting pieces of art. The counterfeiting industry is worth several million dollars with career criminals devoting their lives to copying and selling fake work with ever-increasing accuracy.

To combat this, the organization “All Public Art”, led by founder Graham Goddard, is developing the AllPublicArt token. It’s a reasonably simple concept that can have wide-ranging implications for the art world by combating fraud through the records of the blockchain.

Every time a piece of art is purchased on the All Public Art platform the transaction is logged within the blockchain (which is accessible through an API). Payments on the platform are processed using AllPublicArt tokens which will inevitably have a value that fluctuates like all other cryptocurrencies.

When the purchase is made a whole host of unique information about the piece, the buyer, and the seller are entered into the blockchain to verify the ownership and authenticity of the work. Once the trade has been verified and the collector has received the piece, the artist receives the tokens which can then be sold and converted into cash.

Perhaps the most interesting part of the entire system is that All Public Art is not going to be taking a commission for providing this service (like other auction houses do). Instead, we assume they are planning on turning a profit by withholding a number of AllPublicArt tokens for themselves in their ICO which will in time become highly valuable.

This is perhaps the most telling part of the entire system. The guys behind the platform have clearly invested a huge amount of time and effort into creating something that is going to benefit the art world immensely.

They are so sure of the success of their platform that they will not earn anything until their own tokens become valuable.

If that’s not putting your money where your mouth is then I don’t know what is.

Conclusion

All Public Art is a prime example of how innovative blockchain technologies are being used to help transform and disrupt established industries for the better. If the ambitious project is successful and is widely adopted it will literally change the way people think about the art collecting world.

A future without art fraud thanks to the blockchain may sound like something out of science fiction. But All Public Art has created a platform that has the potential to achieve exactly that…

So if you’re a professional art counterfeiter, it may be time to start looking for a new job.

Because these guys are on a mission to put you out of work…

And we wish them all the best.

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