Distributed Ledger Technology (DLT) is a database which isn’t stored in one single location,
hence the ‘distributed’ in the name. Whilst Blockchain Technology is a form of DLT, they are not necessarily identical,
there are some differences in the way they record. Blockchain is a form of DLT which builds blocks of information in a timely manner,
these blocks are held in a distributed fashion, located on a number of connected servers in different locations.
Essentially this technology in its most basic form is a database system; it is a modern,
secure, unalterable (immutable) virtually unhackable way to store data and record transactions hence the global interest in Blockchain.
Blockchain began over 10 years ago with Bitcoin,
it is now used by businesses in all kinds of industries and
it is operating at speeds allowing encrypted transactions to take merely seconds.
ArtChain Global is built on a custom blockchain system to record transactions, verify artwork authenticity, artwork ownership and provenance.
Physical artwork is represented digitally by a token system, which records all the data about the artwork and is the ‘digital title’ for that physical piece.
Owning the digital title is the equivalent to owning the title to your own home.
Banks, insurance companies and potential buyers can check to ensure that you do indeed own this piece of artwork which is transferred to the next owner in the event of a sale on the ArtChain Global platform.