Accounting firm PwC and CV VC, a Swiss blockchain investment firm, have co-authored a report discussing the blockchain ecosystem. The report has identified eight principal areas where blockchain technology is becoming the norm.
Blockchain technology is growing increasingly relevant in a wide array of fields, with even the US Air Force paying for blockchain data. The report discusses how blockchain technology is also impacting the art industry. Alongside the rise of decentralized finance, this increasing reliance on blockchain underlines the need to understand who is using the technology, and how. This co-authored report aims to do just that.
“Founders around the world are attracted to technologies like blockchain, driven by the need for decentralization, transparency and accountability,” the report said.
Blockchain and art
The art market has long been one of the most lucrative and attractive investment areas in traditional finance. However, the space is also relatively inaccessible as it is difficult to get an overview of the market without sufficient expertise.
Using blockchain technology, companies can tackle these issues. “Art and tech companies are creating the necessary tools, enabling the artworld to validate and track artworks, whilst the virtual reality features are an evolution of the way the art is accessed and enjoyed,” said Niko Kipouros, CEO at 4ARTechnologies, in the report.
In addition to 4ARTechnologies, other companies like Dloop are offering blockchain solutions to the art industry. “Blockchain technology makes limited editions possible, protects copyrights, and enables collectors to increase and protect the value of their investment,” Dloop said in a prepared statement contained in the report.
Lastly, the report details how KnownOrigin is using blockchain technology to enable artists to monetize their work by removing borders to the art industry, as well as removing the need to rely on third party intermediaries.
Other sectors embracing blockchain
According to the report, there are another seven areas that are starting to make use of blockchain technology. These include brokers, crypto banks and exchanges, custodians, market makers, platforms and protocols, token issuance platforms and venture capitalists.
Blockchain is changing the way we use technology. All that’s left is to see how the world adapts.