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Blockchain

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.

Blockchain benefits:

  • 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
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Svetlana Borisova

Svetlana Borisova

Partner

Svetlana is a Partner of the Outsourcing and Tax Compliance practice in the Tax and Legal department at Deloitte CIS. Svetlana has more than 20 years of finance, accounting and tax experience, includi... More