What is Blockchain

Blockchain is a disputed public ledger, what does this mean? It means it keeps a public record of anything you want in a logbook form, Bitcoin for example keeps a record of payment transactions and allows for transfer of funds without having to use a middle man or the parties needing to even fully trust each other.

What is a smart contract?

Ethereum, the blockchain that we use created a new innovation in blockchain technology “smart contracts” or in simpler terms “self-executing programs”.

The phrase smart contract is somewhat confusing, but in simple terms it means that if certain conditions are met execute a function for example if A is =< B execute C. This may seem like no big deal but when you add this idea to a blockchain and make it public then it starts to have profound consequences.

For example, you could have a smart contract that will automatically pay a delivery driver when a QR code is scanned by the recipient of a delivery. This can be taken further and have the smart contract pay the driver upon reaching certain GPS coordinates or when reaching a certain location and by monitoring the weight of the delivery truck a smart contract could automatically pay the driver when the truck has been unloaded and reached its destination.

A streamlined future is very easy to imagine if we also add driver-less trucks into this mix then, we have a totally automatic delivery system want to go further still? imagine robots unloading, loading said delivery trucks leaving zero room for human error by combining a few different technologies still in their infancy but very much on track to be a reality.

It’s automation Jim, but not as we know it.

What are NFT’s? (non-fungible tokens)

Non-fungible tokens are the next revelation to come from blockchain started by a certain digital cat project. This innovation allows to create tokens with different attributes from the same smart contract, what this means is information on unique items can be stored on the blockchain. There is still however a need for a less than direct connection to a physical item such as a serial number, for some things this works great diamonds for example have microscopic codes which identify them with a method called the Kimberly process these codes could be tracked via a blockchain each time a Diamond changes hand create a record of provenance.

Digital artworks on the blockchain?

With physical items blockchain tracking has one major issue; Human input, this creates the possibility of fraud due to the fact that the transfer of the items needs to be logged by a human then that information placed on the blockchain by a human.

Digital images and file transfer on the blockchain hasn’t got the above issue, the link to the file can be input in the token on the chain and instantly transferred when the token is sold. Reducing the need for human input and therefore reducing the risk of bad actors & fraud.

The transfer of digital files including our artwork utilising the blockchain requires a new development Peer to peer file systems. While one could use a centralised system like a metal sever or AWS the issue inherent in this is that if your company goes bust then all of the digital artwork or files goes with you. This is a step back in the function of artwork. physical art doesn’t disappear if the gallery you got it from goes bust nether should digital art.

 

New technology has now offered a solution, peer to peer file systems like the one we are using the IPFS mean that even if we cease to exist the files are not stored with us but in a decentralised yet secure place independent of our company.

 

Not only that but you don’t even have to keep art on our platform to trade, any ERC-721 compatible exchange can sell our files/tokens. For the first time ever, a digital art file is really yours to own.

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