BLOCKCHAIN MADE SIMPLE
The Blockchain technology: a major change for the art industry as for many others.
Important to note, among many various press reports, that in its 10 years, the Blockchain itself has never been hacked. A copy of all transactions since the beginning of the chain is stored on thousands of computers making it impossible, at this stage, to hack.
monart works with the standard public Ethereum blockchain.
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Each artwork is securely stored on the Blockchain with its basic information and provenance. High definition pictures are included in monart proprietary algorithm to certify the artwork/how-tokenisation-will-liberate-the-art-market/
As for artworks, each transaction ie sale, purchase, rental, etc is also stored on the Blockchain for certification and proof.
Smart contracts allow a transaction to proceed including predefined automatic conditions. It allows for example a sale to proceed without human intervention, the seller being automatically credited.
Smart contracts are sometimes called “trustless” because they are automatic, there is no need to trust a human person for it to proceed. They allow for faster, transparent execution.
The tokenization of assets is a term used to define how an existing asset, for monart an artwork or a collection of artworks, can be split between various owners.
Token issuing, as the monart token offering, allows for financing the monart large art collection plus development, promotion and operations of the monart art space platform.
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A few articles on art & Blockchain
Artists are Set to Benefit Quite Dramatically from Blockchain Claims Ethereum Co-Founder:
How tokenisation will liberate the art market – eToro: