BLOCKCHAIN IN THE ART MARKET: Opportunities and Challenges

Abstract

Blockchain is usually associated with cryptocurrencies. However, as a distributed ledger technology, it can have many other applications. For example, blockchain can bring changes to how the art market operates. It can be utilised for many types of digital transactions, including collection, authentication, tracking of provenance, and sharing ownership of artworks.
\nThis main purpose of this thesis is to provide perspectives on how and in what areas blockchain could be used to change the art market. It also examines how this technology may shift the balance of powers in the art market. The thesis further explores opportunities and challenges when using blockchain technology in the art market.
\nThe thesis utilises a narrative thematic literature research methodology and includes a qualitative analysis of blockchain technology. Due to the nature and novelty of this technology, the reviewed literature covers a different range of disciplines, in which blockchain can be utilised. The findings were extrapolated to the use of blockchain technology in the art market.
\nThe results demonstrate that blockchain can increase the speed, transparency, and volume of art sales worldwide and democratise the sector so that artists, collectors, and spectators can benefit from this technology. A blockchain platform can coexist with other traditional applications. However, before implementing this technology, we may need to overcome technological, governance, organisational, and societal barriers.