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Cryptocurrencies, Explained: How Blockchain Technology Could Solve 3 Big Problems Plaguing the Art Industry

  • PROBLEM 1: THE LINGERING MYSTERIES OF PROVENANCE & AUTHENTICITY
  • PROBLEM 2: THE WEIGHT OF THE TRADITIONAL FINANCE SYSTEM
  • PROBLEM 3: THE BURDEN OF TRADITIONAL CONTRACTS
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blockchain
blockchain

PROBLEM 1: THE LINGERING MYSTERIES OF PROVENANCE & AUTHENTICITY

Relatively few artworks today offer the air-tight security of a certificate of authenticity backed by an unbroken chain of title. Gaps in the provenance paper trail undermine both sides of the market, with collectors often left to wonder if they’re being presented looted works or outright fakes, and sellers sometimes forced to accept lower offers due to buyers’ hesitance over the uncertainties.

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