We recently heard of a young man aiming to change the mystic art industry for good.
Thomas Gilbert, born and raised in Plymouth, England, and a graduate of the University of Lincoln, says he has always had a heart for art yet a mind for science. In an attempt to marry the two together, he has been working on pioneering technological advancements for the art industry, in this case, through blockchain.
According to the 2016 TEFAF report, the total volume of the global art market in 2016 was $45 billion. In the art market, there has always been three constant problems: (1) liquidation is limited；(2) authenticity is difficult to prove；(3) inheritance is difficult to determine.
Despite the rapid growth of the art market, these problems have gradually worsened. Thomas has said that the art market has grown so much in recent years that blockchain technology will soon be necessary at this rate.
Alongside his team, Thomas has made a new breakthrough in the art industry, simply named ArtBankChain (hereinafter abbreviated as ABC). ABC is an intelligent, open and public ecological chain of information, linked to the global art industry.
ABC is designed to provide open and secure data storage using blockchain technology, as well as digitalizing crucial elements of the art world, including works of art, collectors, dealers, auction houses and art institutions.
After digitalization, properties, such as artworks, can be put up sale via digital transactions. The intent of this is to accelerate the rate of liquidation of art, while at the same time forever changing the way traditional art transactions can be made.
On their recent trip to Shanghai, Thomas introduced part of his international team. Through their shared enthusiasm for the future of the art industry and the huge potential of blockchain technology, they decided to join forces together in order to realise their dream of starting ArtBankChain.
Looking great guys. Hopefully, we will be hearing more about Mr. Gilbert and his exciting new project in the near future. Wishing them the best of luck as they move forward.