Artistic Artifacts Authentication
National University of Singapore | Singapore
WEI TECK VICTOR YEO | SHEA YIE REBECCA LEE | ZHANG YUAN | BENDAGIRI MATAM KEERTHI CHANDRA
Being able to verify the authenticity or even the transparency of the transactional standards of an artwork or an artifact has become of paramount importance in the art world. With a surge in the volume of counterfeit antiquities sale, and with art forgeries occupying some 50%* of the sale of art pieces, art and antiquities experts face issues distinguishing a real from a fake. There have been instances* where professional art authentication procedures fail to correctly identify genuine pieces of work, resulting in costly discards of art pieces. Conversely, there were times when illegitimate pieces of work were sold at exorbitant prices, once again resulting in tremendous monetary losses. We hope to use of blockchains and its decentralized structure, to reduce instances where the unfortunate aforementioned events occur. Through a common ledger records of all the genuine art pieces in the world, we are able to effectively determine whether an art piece is authentic.The use of blockchains would create a significant impact on the art market, enhancing its security like never before.