The blockchain and distributed ledger technology (DLT) can revolutionize the art market, expanding the market even to small investors and allowing the value of a work to increase through simple changes of ownership. Let's delve into how this system operates.
Blockchain and distributed ledger technology (DLT) can revolutionize the art market in Italy through the use of cryptocurrency. The buyer gets not the physical good but a certificate of ownership, so there may be more involved. However, everything take place through platforms and the process has got its own problems and risks.
Pascal Boyart, a French artist who has become popular from the cryptocurrency-related art pieces he normally paints, has now created another interesting but contentious portrait of Craig Steven Wright, an Australian man aged 48 who claims to be the Bitcoin inventor - Satoshi Nakamoto. The portrait is actually entirely made of pink and white toilet papers. Pascal has elevated Bitcoin, digital currency, blockchain and commercial industry to higher heights.
A tokenized society in Italy will be among the scenarios created by the blockchain technology where any type of storage of value and public registration can be a token encryption, which can tie to a floating market and further be traded on international digital exchanges.
The Picasso painting dubbed “Portrait of Dora Maar” worth $28 million and which went missing two decades ago, was finally recovered on the black market in the Netherlands by a senior art detective. The piece was portraying a “young Yugoslavian paparazzo known as Dora Markovic” and it was stolen in 1999 from its Saudi owner. If blockchain technology existed twenty years back it might have well prevented this scenario from happening.
The world’s leading research and advisory firm Gartner reveals that more than 30% of the global customer base will be comprised of products that use blockchain technology as an operational technology so as to carry out all commercial operations.
Blockchain technology opens new possibilities and an almost unlimited number of new advantages for revolutionary development in all fields of business. Everything from finance, shopping, real estate to gaming, art and virtual reality.