More on Fine Art, Blockchain and Bitcoin

I have posted in the past about technology intersecting with the art market including the use of blockchain tracking and identification and bitcoin currencies.

The Economist has a short post about a London gallery whici will soon start accepting crypto-currencies such as bitcoin for payment.

The Economist reports
Next week an art gallery in London will start accepting payment in crypto-currencies. It may seem an artsy gimmick—the policy is timed to coincide with an exhibition of sculptures crafted from the engines of retired Formula One cars—but virtual money does offer the art world some practical perks. Many see art as the last unregulated market; crypto-currencies such as bitcoin, which permanently record transactions on an open-source database called a blockchain, could resolve concerns about access, transparency and authentication. Deloitte, an accounting firm, has developed ArtTracktive, a blockchain-based service that traces a given work’s provenance. As with many transformative technologies, though, the currency is also inspiring artists more directly. For his series “Block Bills”, Matthias Dörfelt, a German artist, used software to develop 64 pastel-hued banknotes, each based on a unique cryptographic code corresponding to a single block from the bitcoin blockchain. These abstract currencies may soon be the art world’s reality.
Source: The Economist 

No comments: