The system for transferring fine art is anything but transparent, making it difficult to track provenance and the movement of items. Transaction records are usually paper-based, making them susceptible to loss, destruction, alteration and theft. Blockchain technology provides a distributed and immutable database of ownership that could solve authenticity and traceability issues in the art world, by recording the history of items in a secure environment accessible to all.
Up Next in Blockchain
With an estimated 20.4 billion Internet-connected devices expected by 2020, could the shortcomings of conventional IoT network implementations be overcome by leveraging blockchain technology to achieve greater security, reliability and trust?
Merging Blockchain and IoT: A Match Made in Heaven?
Canada's Axiom Zen proudly presents CryptoKitties, one of the first games to leverage #blockchain technology. Interesting move as the gaming industry is both very active and represents serious amounts of potential revenue. Among many challenges, the stress it will put on the network itself will have to be addressed as CryptoKitties clogged the network and made up to 11% of all transactions on ethereum. But with the recent craze of digital cats being sold for up to $117,712 , one can only dream of the potential market.. I, for one, foresee an interesting mashup between CryptoKitties smart contracts mechanism and PokemonGo's viral success... A new land of opportunities for daring entrepreneurs.
CryptoKitties Mania Overwhelms Ethereum Network's Processing
Since its 2015 debut, digital evangelists have preached how the ethereum network will be perfect for applications such as managing supply chains and securities sales. What it’s actually used for is buying kittens.