BAM! is actively looking to find real-world applications for Blockchain, the technology behind the cryptocurrency Bitcoin, and Blockchain is fast emerging as the technology expected to have the most significant impact on online sales. As more Art sales move online, there will be increasing demand for Certificates of Authenticity as well as the need to perform real-time verification of provenance.
A networked digital ledger such as a Blockchain could help keep track of a work of Art’s movements without relying on a paper-based—and at times insecure and inaccurate —system of recording provenance. With the networked digital ledger, all purchases will be logged with the information becoming decentralized and therefore not open to contest. No matter how many times a piece of Artwork is bought and sold, the original purchase and the purchases of future owners of the work are documented and unalterable, creating a trusted provenance.
For buyers, this means the entire journey and full history of a piece of Art would be accessible to view in a secure environment, similar to what we see in the UK with house purchases, i.e. UK’s land registry.