【Global Network Science and Technology Report】 On the afternoon of July 4, 2017, Art Chain successfully held the theme conference “Cultivating Consensus Credit Soil and Starting Digital Economy Ocean” in Beijing Chaoyang Baichuanhui. The former Minister of Foreign Trade and Economic Cooperation Zhou Keren, the Director of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce Huo Jianguo, the Director of the Bank Research Institute of the State Council Development Research Center Wang Gang, and the Secretary of the Internet Finance Research Center of the People's Bank of China Li Bo Secretary Mr. Liu Ming, Director of China Electronic Commerce Financial Blockchain Development Research Center, Director Liu Youxi of China Research Center for Original Art Development and Deputy Director Xia Xuemin of China Electronic Commerce Blockchain Development Research Center attended the conference.
At the meeting, Mr. Xia Xuemin, the CEO of the Arts Chain, introduced the status quo of art and blockchain, the situation of team members, the business model of the art chain, and the future profitability points of the art chain. At the same time, several representatives from the industry and related entrepreneurs The representative also delivered a speech at the press conference.
As an applicator of blockchain technology, Art Chain has taken the lead in integrating art and blockchains and landing them. The Art Chain is based on blockchain technology and is committed to creating a self-trusted digital art community - not only the historical information transmission of initial selected artistic treasures, and the entry of value exchange records; the reduction of artworks with real digital identities greatly increases the number of institutions. Participate in the transparency of all parties’ behaviors, improve the accountability of the system, and reduce the غير مجاز مي باشدt of trust in the system; and introduce the traditional thinking of art operations into the digital economy model, and first create a mortgage mechanism for works of art and a consensus display mechanism, and hope to create a The more generalized art financial market has removed the circle of art market, and finally “cultivated a consensus-credited soil to start the digital economic ocean”.
Traditional art values face four major puzzles
China is the world’s oldest civilized ancient country and has the most continuous historical heritage. The art on the ground has accumulated the advantages of the treasures and quality of artistic treasures unmatched by the sum of the number of works of art in any country and even other countries. The solid currency has given a constant huge value. For a long time, due to the constraints of traditional thinking and no breakthrough technology, the immense incomparable value resource has been lethargic for a hundred years and has almost entered an incomprehensible situation under the traditional thinking and traditional operating conditions. The main appearance is in the following four aspects:
1. Entangled in the identification of true and false identification
Artifact forgery (according to an estimated 70 to 75% of the 1 billion arts transactions per year that are falsified); art appraisals (research reports estimate that the annual global market for arts and collectibles counterfeiting and fraud amounts to 6 billion U.S. dollars, Almost one-tenth of the total amount of artwork traded.
2. Confused about the valuation authority
Whether on the Internet or in real life, there are usually such questions: How much is this artwork worth? A piece of art, even if it is a genuine product, is not a single assessment of its value, but is constrained by a combination of factors such as the physical value, artistic value, market value, academic value, and cultural value of the artwork. The evaluation of the value of art becomes very complicated. It can be said that the evaluation of the value of works of art is a very professional issue. There is no unified statement in the industry as to how much money a piece of art is worth and how much the price fluctuates. Take Chinese contemporary art as an example. In 2007, when the highest level of contemporary art was reached, it reached tens of millions of yuan. With the burst of the market bubble, the price dropped to a few million yuan. The degree of shrinkage reached 80% to 90%. The same artworks, in the hands of different operators, can sell different prices. The more rare the category, the greater the difference between the prices of different businesses. Practitioners often attribute the reasons to the fact that each merchant has different customer levels and different payment capabilities. Therefore, the selling price is different, and the actual situation is far more complicated than these.
3. The lack of technical methods
Controversies arising from the authenticity of the artwork, disputes originating from the source, non-payment and claims are often visible; the authorization mechanism is not transparent (for example, through the signing of a licensed paper certificate to create scarcity, but this method also destroys other digital artwork. The required characteristics, such as how to spread around the world, and to prove the authenticity of digital signatures; the ambiguity of artworks increases the difficulty of tracking and preventing fraud.
4. The traditional trading path
With the continuous improvement of people’s living standards, old painting shops and antique shops have once again entered people’s lives. The traditional trading methods of the Chinese art market are coexisting with galleries, art fairs, and private transactions. Due to the information asymmetry between buyers and sellers as well as narrow trading channels, there is a great deal of trading risk in the art trade. Therefore, in the art trade, an interesting phenomenon has emerged. A rare and high-quality art piece often goes through a few hands-to-hand price increases before entering the hands of collectors. Small entrepreneurs can only sell to small collectors. Big-time experts can sell to big collectors. The connection between the great professional and the big collectors has the same social status with each other. This kind of identity has two-way exclusiveness. The big collectors will not agree with the small experts, and the big experts will not agree with the small collectors.
Given these drawbacks, the use of blockchain in the art market has always been considered a new industry opportunity. However, no matter whether it is anti-counterfeiting or authenticity, traceability, or digital rights, or peer-to-peer transactions, they have yet to reach deeper levels. The blockchain brings the most fundamental change to the industry, not only here, but also its value: it helps to liberate the art market from the circle of ambiguity and create more fluidity. Shared community order brings universal digital art concept.
Based on the infrastructure chain of the blockchain, Art Chain pioneered the art mortgage issuing mechanism and the consensus display mechanism. It not only succeeded in realizing the right of digital identity of works of art, but also introduced the traditional thinking of artworks into the digital economy model. The use of identity to restore the value of artistic treasures, use the value of the Internet to anchor the trust of all participants. Art Chain creates unique digital identities for each artwork and user. Based on this, each transaction record, every value investment, and every asset transfer will be faithfully recorded. It is the record of the transfer of objects, as well as the presentation of human relationships and the interpretation of stories. On the art chain platform, once fraudulent information occurs, it cannot be deleted, and it will be traced to any associated person or object. This will also initially introduce people’s credit in real life into the value chain of the art chain. The exclusive value social network design of the chain will help artists, enthusiasts and investors to establish deep links with each other and build a good digital art community together.
Everyone knows that with the continuation of history, trust will be upgraded to its greatest value. It is foreseeable that creating a collectively maintained and self-trusted digital art community is of such a value. As mentioned earlier, the artistic chain will not only give the art financial technology genes, but also hope to promote the transition of the art market to the digital economy.
Blockchain technology solves historical difficulties
Art Chain is aware of these shortcomings of the art market. Through the painstaking research and collaboration with the blockchain R&D team and the laboratory for the past six months, it successfully uses blockchain technology to fundamentally solve this historical problem, at least as follows. Great advantage.
1. Decentralized digital rights
After landing, the art chain product can store the ownership of the artwork in an encrypted form in the blockchain, so that it can be established and made public, and no one can change it at any time; the art chain records the flow of each time, making the history of art work. (Including ownership, exhibition history, documented records, circulation records, and other key information) From this basis, everyone can obtain the right information through retrospective art treasure blockchain, which helps establish the integrity of the art market and improve Market liquidity.
2. Recognized by the value of consensus
The valuation of a single artwork has never been recognized by the market and it is difficult to adjust. It will be influenced by the factors of authors, historical factors, circulation factors, factors of holders, auctioneers, etc. The impact, and each factor will make a fundamental difference in its valuation. In addition to the high price threshold of its single product, the diversity of its value recognition is also the main reason. However, the recognition of the value-added attributes and values of cultural works, a human-recognized cultural heritage, is recognized by the whole society. If there is a medium that can represent the value of all art works, the circulation of the art and its financial value will reach unprecedented levels. The popularity and height of this are exactly what the art chain has to do. The name of this medium is called “铨”.
3. Convenient and smart transactions
Because smart contracts have many advantages such as self-government, self-sufficiency, and distributed, the art chain uses a blockchain smart contract mechanism to structure the artwork transaction model. Any two parties agree on the terms of the smart contract and use their own digital identities to make an endorsement. The subject matter of which the right is confirmed can be traced easily. The implementation process of the smart chain operating system smart contract begins when the parties reach a contractual agreement and formalizes the content of the contract by digitally encoding the content of the contract and writing it into the blockchain. Once the conditions specified in the contract are met, Automatically triggers the execution of the contract.
In this way, the Art Chain platform can realize real-time transaction settlement, create tamper-evident verifiable sources, improve the transparency of art transactions, simplify and automate lengthy financial service processes, reduce foreground and background interactions, and save a lot of manpower and material resources. In order to enhance the competitiveness of the art chain in the art market.
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