The Application of Blockchain and its Advantage to the Field of Art

Abstract

This paper describes the application of blockchain technology for the auction market of art and the means to use this technology to solve the problem of authority and the insufficiency of proper trading paths. Blockchain technology displays its usefulness in solving the unfavorable factors in the chaotic auction market include the uneven valuation of the auction items, lack of funds, and other areas. This study introduces blockchain technology as an innovative means to enhance the transparency of art auction.

Discover DaVinci: Blockchain, Art and New Ways of Digital Learning

“…From here we conclude that the more peers in the blockchain network, the less possibility of manipulating it in any kind of way. On the other side, some downsides of blockchain system include work efficiency problems and high resource consumption due to the process of mining, and that is currently in the focus of research of all those who work on blockchain system inclusion in any of the fields it may find its usage [8].…”