But as the name of Jackie O’Neill’s startup suggests, much of the work of the middlemen is supplanted by storing all that history, or provenance, with blockchain technology.
Blockchain enables cryptocurrencies like Bitcoin and Ethereum, but it has many more applications. After all, it’s all about verification and trust. Instead of relying on an accountant, appraiser or an auction house to keep an accurate database of an art’s provenance, blockchain allows the whole world to watch.
The chain of these records is copied on thousands of computers, making it virtually impossible for anyone to cook the books or, in this case, forge a piece of art.