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Benefits and Challenges of Blockchain in the Art Industry

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Benefits and Challenges of Blockchain in the Art Industry


Employing blockchain in art is a novel narrative of technology meeting creativity.

How Does Blockchain Work?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

Blockchain in The Art Industry 

Storing information on blockchain’s digital ledger can democratize both, art and commerce, for artists and buyers all around the world.

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Museums across the world are already implementing technology in their infrastructure in some way or the other. From digitizing images done by the Metropolitan Museum of Art in New York to blending Van Gogh and virtual reality in the Van Gogh Museum in Amsterdam, technology is booming in the field of art. 

Benefits of Blockchain in The Art Industry

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Here are some ways in which the blockchain technology can eliminate the obstacles mentioned above:

Security with Cryptographic Tokens

Blockchain technology involves the saving of critical data on blocks that can be accessed using cryptographic keys only. Artists can enroll themselves in art registries that use blockchain and enter information about their original pieces of work. The data stored is immutable, and access to it is granted post authentication only. So, an alleged fake artwork can be detected by comparing its token with that of the original one. Different tokens for a single piece of work imply duplication, thus identifying and preventing the trading of forged artworks.

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Authentication with Hash Pointers

Artists can record and authenticate their paintings on blockchain. Each data entry gives the artist a token, and each data block contains a pointer and timestamp. Original artworks can thus be verified and authenticated, ensuring the integrity of the product. Artchain.info is one of the platforms that exclusively offer digital authenticity certificates by implementing blockchain technology to verify millions of artworks around the world.

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Traceability with Provenance Records

The data entered in the blocks on a blockchain is transparent to the end users. Verisart is a company that employs this feature of blockchain to offer detailed provenance records to both artists and buyers. These records help in identifying the rightful owner of the work, and he/she, accordingly, gets the full benefits of the trade. The records also help in detecting con artists and catching the fake art pieces circulating in the market.

Decentralization and No Middlemen

Blockchain enables decentralization of data stored on it, with a central node as the primary hub. All end users can access the data on the chain with appropriate user rights and authorities. With such a transparent data log, blockchains can reshape the now opaque art industry. Artists and customers can directly connect with each other, eliminating the need for a mediating agent. It adds to the credibility of the artist and helps both the parties in directly negotiating with each other. What makes art valuable, is the scarcity of the form. With blockchain technology, artists, creators, or even observers can decentralize the creation and trade of art.

Challenges Faced by Blockchain in the Art Industry

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The art industry faces the following issues, which hinder the trade and proliferation of art pieces.

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Fraud and Theft

Forging and counterfeiting famous works of art is the primary concern faced by the art industry. With technological advancements, this challenge is only getting bigger and stubborn.

Unreliable Authentication

Another complication in trading artworks is their authentication. Certificates of authenticity and forensics can help ensure the veracity of an artwork, but these methods can easily be tampered with, rendering them unreliable.

Lack of Provenance

Provenance is the history of the ownership of a particular commodity. Lack of provenance while purchasing an artform or collectible, holds customers back.

Multiple Mediators

Art dealings are generally carried out via a long and complicated network of middlemen. This link turns out to be unfavorable for both the artist and the customer. Artists do not get 100% profit from their sales, and the buyers have to spend extra on the commission charged by agents.



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TECHNOLOGY

Artificial Intelligence in the 4th Industrial Revolution

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Artificial Intelligence in the 4th Industrial Revolution


Artificial intelligence is providing disruptive changes in the 4th industrial revolution (Industry 4.0) by increasing interconnectivity and smart automation.

Industry 4.0 is revolutionizing the way companies manufacture, improve and distribute their products. 

What Makes Artificial Intelligence Unique?

Artificial intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.

It allows computers to think and behave like humans, but at much faster speeds and with much more processing power than the human brain can produce.

AI offers advantages of new and innovative services, and the potential to improve scale, speed and accuracy. 

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There are 3 types of artificial intelligence:

  • Artificial narrow intelligence (ANI), which has a narrow range of abilities.

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  • Artificial general intelligence (AGI), which is on par with human capabilities.

  • Artificial superintelligence (ASI), which is more capable than a human.

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Artificial intelligence can also be classified as weak or strong. 

Weak AI refers to systems that are programmed to accomplish a wide range of problems but operate within a predetermined or pre-defined range of functions. Strong AI, on the other hand, refers to machines that exhibit human intelligence.

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Artificial intelligence has several subsets:

Most AI examples that you hear about today – from chess-playing computers to self-driving cars – rely heavily on deep learning and natural language processing.

What is the Fourth Industrial Revolution?

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The Fourth Industrial Revolution is the current and developing environment in which disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR) and artificial intelligence (AI) are changing the way modern people live and work. The integration of these technologies into manufacturing practices is known as Industry 4.0. 

The first industrial revolution used water and steam power to mechanize production.

The second used electric power to create mass production.

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The third used electronics and information technology to automate production.

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The fourth Industrial revolution is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres, with rising emerging technologies, as real AI, Narrow AI/ML/DL, robotics, automation, materials science, energy storage, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, neurotechnology, cognitive technology, and quantum computing. It implies radical disruptions to everything, industries, jobs, works, technologies, and old human conditions. In its scale, scope, complexity, and impact, the AI transformation will be unlike anything humankind has experienced before.

The Role of Artificial Intelligence in the 4th Industrial Revolution

Artificial intelligence is making companies make the best use of practical experience, even displacing traditional labor and becoming the productive factor itself. 

It offers entirely new paths towards growth for manufacturing, service, and other industries, reshaping the world economy and bringing new opportunities for our societal development.

As AI begins to impact the workforce and automation replaces some existing skills, we’re seeing an increased need for emotional intelligence, creativity, and critical thinking.

Zvika Krieger, co-leader of the World Economic Forum’s Center for the Fourth Industrial Revolution.

Deploying AI requires a kind of reboot in the way companies think about privacy and security, As data becomes the currency of our digital lives, companies must ensure the privacy and security of customer information.

Businesses will need to ensure they have the right mix of skills in their workforce to keep pace with changing technology. 

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