The use of blockchain by different art market players: Current applications and risks

Abstract

Blockchain technology can be applied in different economic sectors as it can bring a radical change to the industries in which it is implemented. This article analyzes the contribution of this technology to the art market. As a complex system, the art market presents many opportunities to benefit from blockchain technology. Its application in this field is a new topic in the literature that presents important prospects for development. Scholars have focused on analyzing the technological development of blockchain applications from a computer science and engineering perspective and have shown that blockchain brings many benefits to the industries in which it is applied. In addition to the benefits, however, scholars pointed to some generic risks associated with the technology and related application difficulties that do not allow for its widespread use. The objective of the study is to provide an overview of the possible uses of the Blockchain in the art market and, above all, the specific risks to which operators in the sector may be exposed. The analyses carried out have shown that research on blockchain applications in the art sector is at an early stage and that soon, blockchain will be increasingly applied as it allows to promote greater reliability of the information at a reduced cost. The study offers one of the first insights into the adoption of blockchain technology in the art industry, and it is believed that the findings may be of interest to academics and practitioners in the field.