There are various vulnerabilities in the art industry including, imprecise authentication, lack of transparency, complicated distribution channels, and transaction risks. PwC's art circulation solution tackles these pain points by using blockchain technology to improve artwork circulation and transactions. The combination of our professionals and this powerful solution can make transaction and circulation of artworks smoother and safer from art trading centres, auction houses, galleries, and other enterprises.
Difficult to Distinguish Artworks' Authenticity
There are risks and concerns around art authentication. A trusted platform for traceability and identification is crucial for the growth of the art market.
Lack of Control for Safe Transportation
High value artworks can lead to safety concerns during the transportation process. Current processes have limited safety controls and lack real-time data.
Artwork payment transactions can be prolonged due to complex delivery processes. There is also a need to protect buyer privacy while maintaining product transparency.
How We Can Help
PwC's artwork circulation solution uses blockchain and smart contracts technology to help artwork companies connect stakeholders such as artists, collectors, and intermediaries on transaction chains. It establishes a credible data source by ensuring that data, spanning the entire life cycle, are accurately recorded.
Our solution facilitates artwork circulation and information sharing between various related parties, helping artwork circulation enterprises grow.
Identification and Traceability By uploading artwork information to a blockchain network, traceability of the artwork’s entire lifecycle can be captured to ensure transparency and accuracy.
Track Shipping Processes Using IoT and data collection tools, our clients can track artwork information during transportation and record artwork damage for potential insurance claims if needed.
Safe to Transfer Privacy of data assets are protected by blockchain technology, so the full life cycle including recording of ownership, circulation, transactions, and use can be safeguarded by smart contracts.
Trustworthy Data Source By combining identification and credit data records on the blockchain, the risk of counterfeiting is greatly reduced.
Ensure Transportation Safety Complete transportation records help detect transportation risks and provide evidence for insurance claims to speed up settlement processes if needed.
Lower Transaction Cost By tracking and checking transaction history of artworks including ownership, exhibition history, written records, circulation records and other key information the solution helps reduce transaction costs.
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