Could Blockchain Transform The Art Market?

“In the art world, blockchain technology may hold the key to overcoming one of its greatest challenges: the lack of transparency. Frequently described as the last unregulated market, the art world often operates on trust alone. But this trust keeps being tested, as recent forgery scandals such as the Knoedler Gallery fiasco and the case of German forger Wolfgang Beltracchi show. A networked digital ledger such as a blockchain could help keep track of a work of art’s movements without relying on a paper-based—and at times insecure—system of recording provenance.”