3.1.3. Provenance Building

Currently, the Art Industry participants are highly paying attention to the concept of “Provenance”. It is a concept that combines two words, where "Pro" means "forward" and "ven" means "come," and basically holds a meaning of "origin" or “source” of a certain object. The Art Provenance includes historical records of the entire artwork, including information on artworks transactions from auction houses, art dealers, galleries, and collectors, as well as exhibition information from galleries and museums. Thus, the Provenance term can be used as an objective source of evidence to determine the authenticity of the artwork and its origins. According to the industry findings, the artwork with provenance can on average be slightly more expensive, approximately 15% higher, when they are re-auctioned or sold again. This is because it is difficult to easily and clearly determine the authenticity of artworks traded at such a high price. However, ARTIC introduces blockchain technology, as the core basis for the application of the Provenance Concept to the artworks, without making it more expensive. It is to record related information such as artists, attributes, date of production, and place on the blockchain together about the works of art created by the artist. These records are stored with encrypted data and encrypted keys. Thus, Provenance information will permanently be secure and cannot be deleted or modified due to the nature of the non-hackable distributed ledger technology.

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