Art and technology
A blockchain based model enhances process efficiency and resilience
In 2017, over USD 64 million worth of art was sold on the art market. The paper-based nature of art transactions creates authenticity issues and prevents provenance tracking, which eventually increases the risk of fraud.
Deloitte’s Provenance & Traceability solution removes these inefficiencies by creating digital copies of artworks and storing their entire history in a blockchain.
With this solution, you can coordinate and trace interactions between all the parties involved and add any additional functionality such as co- investment, patronage, depositing, IoT and geolocation sensors, tokenization and more.
The blockchain based model enhances process efficiency and resilience. Provenance & Traceability can be used in authenticity verifications and audits. It helps to boost the transparency, reliability and security of all interactions between all parties.
Data is sent to a blockchain and made viewable. Confidential data is kept confidential.
- An open and interconnected supply chain network with relevant real-time data available to all parties
- An ability to set permission for reading, writing, auditing and other actions
- Visibility throughout the entire history of an artwork and enhanced safety of artworks through the complete disclosure of their history except for confidential data
- A single source of reliable information
- Flexibility and transparency of stakeholder interaction
- The ability to identify issues in the supply chain when moving artworks