High-performance blockchain solution poised to revolutionize the art industry

Apr 28 2018

The history of artwork ownership (provenance) has long been a troublesome issue for the art world. Fake or even stolen works have unknowingly been traded on the open market. Once the art is purchased, it is difficult, if not impossible, to know exactly how the work has been handled, stored or transported. In addition, there is a lack of transparency on prices, and inadequate control of transaction data, which can make it difficult to determine the authenticity of art prior to purchase.

ArtChain Global is on the verge of transforming the art world by providing a solution to the number of these and other emerging issues. ArtChain Global's "Blockchain Works of Art Registration and Asset Management Platform" records works of art, trading and circulation. It provides a basis for the trading of art and a trustworthy distributed ledger by taking advantage of traceable and unalterable features of blockchain.

ArtChain Global is a proprietary high-performance blockchain solution, which has underlying technical architecture that complies with the specifications and standards of Hyperledger Fabric project. The establishment of ArtChain Global requires a number of functional components to work effectively, such as network communication, blockchain data structure, ledger state storage, trading modules, implementation environment of smart contracts, and consensus mechanisms. ArtChain Global can also be integrated with IoT smart modules to provide tracking for works of art, which means the options of Fabric's default implementation, self-developed implementation as well as the implementation developed by third parties will be available for each individual component.

Unlike Bitcoin and Ethereum, the original goal of ArtChain Global is to establish a decentralized application management platform with a focus on the registration and verification of ownership of art products, art asset management, and the pledging of art products, rather than a decentralized digital currency system or a smart contracts platform.

ArtChain Global has allowed for tokens (i.e., ArtChain Global [ACG] tokens) with a full range of functions of the basis of Fabric architecture. The accounts of ACG owners will correspond to a certain public key. Their account information will be recorded in the universal ArtChain Global ledger. The digital summaries of all account information will be recorded in blocks.

ArtChain Global has been developed by a leading blockchain technology team and successful venture capital entrepreneurs in a joint effort with senior analysts and with collaboration with the art industry. Kay Sprague, the Chief Executive Officer, is an experienced senior financial industry executive with 30 years' experience. She has a deep understanding of investment management, hedge funds, administrative systems and securities.

Dr. Greg Adamson serves as the Chief Risk Officer. He is a Professor at the University of Melbourne and specializes in blockchain and internet security. Greg has worked with blockchain since 2014, and has a strong interest in its governance. He established the Blockchain Special Interest Group at the Institute of Electrical and Electronics Engineers (IEEE).

As the Chief Operating Officer, Cameron Macqueen brings years of experience working throughout Australia, New Zealand and Asia. He has been involved in a wide range of technologies in various fields, including import and export trading, finance, insurance and real estate development.

In addition to this depth of experience at the core leadership, they are joined by other leading experts who serve on the consulting team. This team includes Prof Yang Xiang, Dean of Digital Research & Innovation Capability Platform at the Swinburne University of Technology, Australia. He has been working in the broad area of cybersecurity for the past 20 years. Also on the team are two leading experts in the art industry - KT Lee and Mauro Moscatelli. Rohan Penman brings project management expertise with over 20 years of experience, and Keith Francis, who has specialist knowledge of art history and is a collector of Australian art. He regularly attends art auctions, and previews and visits galleries globally.

ArtChain Global is poised to revolutionize the art industry because it has been developed by blockchain technology specialists, is backed by venture capitalist entrepreneurs in a joint effort with senior art and finance analysts, and is in collaboration with the Australian art industry. Following a launch in Australia, ArtChain Global will launch in China, a strategic move to ensure it will become the preferred digital hub for authentic art from across the world. With this team behind it, ArtChain Global is guaranteed to reach that goal.