{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Swiss start-up uses blockchain tech to decentralise art dealings' data-url='/boclips/videos/5c54d7c5d8eafeecae20e9ca' data-video-url='/boclips/videos/5c54d7c5d8eafeecae20e9ca' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nSwiss start-up uses blockchain tech to decentralise art dealings\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eLEADIN:              A Swiss start-up is hoping to use blockchain technology to decentralise the business of art dealings.              Invented to support Bitcoin transactions, the decentralised system is now being used for everything,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eLEADIN:\u003cbr/\u003e              A Swiss start-up is hoping to use blockchain technology to decentralise the business of art dealings.\u003cbr/\u003e              Invented to support Bitcoin transactions, the decentralised system is now being used for everything, from tracking shipping vessels to enabling art trade.\u003cbr/\u003e              STORYLINE:\u003cbr/\u003e              A high-tech trip to a virtual art gallery.\u003cbr/\u003e              This could be the future of art dealings if Swiss start-up VR All Art has any say on the matter.\u003cbr/\u003e              The Zug-based company has developed a new platform and marketplace for artists, galleries, museums and art buyers to exhibit, explore and even acquire works in the virtual world.\u003cbr/\u003e              Rather than dealing with auction houses or other intermediaries, transactions are carried out on an underlying blockchain system using the start-ups new 'AllArt coin' crypto currency.\u003cbr/\u003e              It's thought AllArt coins will be used as a basic crypto currency in the trade of artworks in virtual galleries.\u003cbr/\u003e              \"The whole thing is powered by blockchain technology,\" explains the company's CEO and founder Vitomir Jevremovic.\u003cbr/\u003e              \"So, that means that all the transactions are happening actually on the blockchain. \u003cbr/\u003e              \"So, we can have the traceability of art pieces on the blockchain, we also have ability to rent and sell the art pieces, but also pay the exhibition fees, take curation rewards, we are creating an economy of art space on the blockchain and inside virtual reality.\"\u003cbr/\u003e              According to the annual Art Basel report, released earlier this month, worldwide sales in contemporary art surged by 12 percent last year, reaching $63.7 billion USD.\u003cbr/\u003e              The three top markets - the US, China and the UK - accounted for 83 percent of total sales by value in 2017.\u003cbr/\u003e              Jevremovic claims blockchain tech could be extremely useful for tracing and ensuring the provenance of works.\u003cbr/\u003e              \"Blockchain technology will enable a marketplace to unfold itself, first of all,\" he says.\u003cbr/\u003e              \"The second of all, we will have a traceability of art - that means that we can say the provenance of (a) specific art piece is recorded on a blockchain and all the transactions when the art piece changes hands, we can change that on the blockchain, so you will know that the art piece that you're buying from a specific seller actually came from a gallery or an artist. So, this is a crucial thing for the art market, to have a tool to allow people to know the provenance of art.\"\u003cbr/\u003e              VR All Art hopes its virtual reality platform will allow art buyers to instantly view works around the globe, giving valuable exposure to far flung artists and galleries in the process.\u003cbr/\u003e              Time and space - perhaps for hulking great sculptures - is no longer an issue.\u003cbr/\u003e              The start-up has also developed a mobile app that uses augmented reality technology, seemingly transporting a digital version of artworks onto walls.\u003cbr/\u003e              Jevremovic says they don't intend to rival traditional auction houses, such as Sotheby's or Christies, instead they hope to work with them, giving them tools to do business more efficiently.\u003cbr/\u003e              \"I think that the truthfulness of the blockchain technology provides is something that the art market really needs,\" he says.\u003cbr/\u003e              \"Because the fraud in the market is pretty high and in this way we can actually lower down the fraud and lower down the cost of selling the art piece.\"\u003cbr/\u003e              VR Art All plans to publicly launch its platform and allow the sale of art pieces using AllArt coins by next year.\u003cbr/\u003e              The start-up is showcasing its technology at Blockchain Summit London.\u003cbr/\u003e              The two-day event is hosting more than 50 exhibitors, demonstrating a range of blockchain applications - from crypto currencies to farming and energy-saving.\u003cbr/\u003e              \"I think some of the big issues for us are around trust,\" says Steve Davies, a blockchain researcher from accounting firm PwC.\u003cbr/\u003e              \"Which is paradoxical because blockchain is about building trustless communities or not having a need to have somebody there who looks after us all.  And yet there are a lot of issues around trusting the technology, trusting in different actors to build a network that everybody can operate on fairly, and also trusting in some of the use cases. It is definitely popular and there's a degree of a fad going on, particularly around some of the crypto tokens, but the technology underlying blockchain and crypto tokens is incredibly powerful and has the ability to change economic infrastructure, even the way that we govern and organise ourselves as societies and we're only just starting to think those things through.\"\u003cbr/\u003e              Blockchain Summit London runs 26-27 June 2018 at the Olympia London convention centre.\u003cbr/\u003e              Blockchain is the system that was invented to support Bitcoin, but the technology is used to keep the books on other crypto currencies.\u003cbr/\u003e              As its name implies, blockchain is a chain of digital \"blocks\" that contain records of transactions. \u003cbr/\u003e              Each such block is connected to those before and behind it, making tampering difficult because a hacker would need to change the block containing that record and all those linked to it to avoid detection.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              London, UK - 26 June 2018\u003cbr/\u003e              1. Various of VR All Art employee wearing VR headset, viewing virtual art gallery\u003cbr/\u003e              2. SOUNDBITE (English) Vitomir Jevremovic, Founder and CEO of VR All Art:\u003cbr/\u003e              \"The whole thing is powered by blockchain technology. So, that means that all the transactions are happening actually on the blockchain. So, we can have the traceability of art pieces on the blockchain, we also have ability to rent and sell the art pieces, but also pay the exhibition fees, take curation rewards, we are creating an economy of art space on the blockchain and inside virtual reality.\"\u003cbr/\u003e              ASSOCIATED PRESS\u003cbr/\u003e              London, UK - 21 June 2016\u003cbr/\u003e              3. Wide of bidding starting on 'Femme Assise' (1909) by Pablo Picasso at Sotheby's auction\u003cbr/\u003e              4. Mid of same\u003cbr/\u003e              5. Cutaway of video screen\u003cbr/\u003e              6. Cutaway of telephone bids being received\u003cbr/\u003e              7. Wide of auction room\u003cbr/\u003e              8. Cutaway of telephone bids being received\u003cbr/\u003e              9. Wide zoom of final bid, hammer going down on 'Femme Assise'\u003cbr/\u003e              \u003cbr/\u003e              London, UK - 26 June 2018\u003cbr/\u003e              10. Various of VR All Art employee wearing VR headset, viewing virtual art gallery\u003cbr/\u003e              11. SOUNDBITE (English) Vitomir Jevremovic, Founder and CEO of VR All Art:\u003cbr/\u003e              \"Blockchain technology will enable a marketplace to unfold itself, first of all. The second of all, we will have a traceability of art - that means that we can we can say the provenance of (a) specific art piece is recorded on a blockchain and all the transactions when the art piece changes hands we can change that on the blockchain, so you will know that the art piece that you're buying from a specific seller actually came from a gallery or an artist. So, this is a crucial thing for the art market, to have a tool to allow people to know the provenance of art.\"\u003cbr/\u003e              \u003cbr/\u003e              London, UK - 6 October 2016\u003cbr/\u003e              12. Various of 'L'Oeil Fleuri' 1994 (top) and 'Mae West Lips Sofa' (bottom) by Salvador Dali on display Dickinson art gallery's booth at Frieze Masters art fair\u003cbr/\u003e              13. Various of 'Femme au chapeau' 1971 by Pablo Picasso at Helly Nahmad Gallery booth\u003cbr/\u003e              14. Various of 'Elle Danse' 1948 by Francis Picabia at Dickinson art gallery's booth\u003cbr/\u003e              15. Various of 'Muriel Maxwell' 1939 by Horst P. Horst at Colnaghi/Bernheimer booth\u003cbr/\u003e              \u003cbr/\u003e              London, UK - 26 June 2018\u003cbr/\u003e              16. Various of Jevremovic demonstrating VR All Art augmented reality smartphone app\u003cbr/\u003e              17. SOUNDBITE (English) Vitomir Jevremovic, Founder and CEO of VR All Art:\u003cbr/\u003e              \"I think that the truthfulness of (sic)  the blockchain technology provides is something that the art market really needs. Because the fraud in the market is pretty high and in this way, we can actually lower down the fraud and lower down the cost of selling the art piece.\"\u003cbr/\u003e              18. Mid of sign, reading (English): 'Blockchain Summit London'\u003cbr/\u003e              19. Various of exhibitors \u003cbr/\u003e              20. Various of exhibitor signage\u003cbr/\u003e              21. SOUNDBITE (English) Steve Davies, Blockchain Lead, PwC:\u003cbr/\u003e              \"I think some of the big issues for us are around trust, which is paradoxical because blockchain is about building trustless communities or not having a need to have somebody there who looks after us all. And yet there are a lot of issues around trusting the technology, trusting in different actors to build a network that everybody can operate on fairly, and also trusting in some of the use cases.\"\u003cbr/\u003e              22. Various of exhibitors \u003cbr/\u003e              23. Various of exhibitor signage\u003cbr/\u003e              24. SOUNDBITE (English) Steve Davies, Blockchain Lead, PwC:\u003cbr/\u003e              \"It is definitely popular and there's a degree of a fad going on, particularly around some of the crypto tokens, but the technology underlying blockchain and crypto tokens is incredibly powerful and has the ability to change economic infrastructure, even the way that we govern and organise ourselves as societies and we're only just starting to think those things through.\"\u003cbr/\u003e              25. 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