BLOCKCHAIN, NFT'S AND ART INDUSTRY
-PIYUSH MAHAJAN
Hi guys Piyush here, today we are going to Dig the Wisdom of blockchain. Blockchain is like Batman,Everybody Knows Him But Trurely You Don't Know Him..
This Blog Gives the Depth knowlage of my seminar presentation on ''Blogchain and changing art Industry''.
Hope you'll like it...
But firstly, lets Know about What is Leadger
Ledger by definition it is a book of record keeping all the financial transactions of the organization
Over the last couple of decades, computers provided the process of record keeping and ledger maintenance great convenience and speed.
Today, with innovation, the information stored on computers is moving towards much higher forms which is cryptographically secured, fast and decentralized. Forget about cryptography at the moment.
THERE ARE TWO TYPE OF LEAGER
CENTRALIZED LEAGER:
the bank has total control over which transactions are posted on the ledger because its a centralized asset ledger which lists all transactions that is controlled by a single entity, such as a bank statement, by this they can fine you and directly take money away from you without your consent. This is a danger of centralized ledgers because if the entity-in-charge has malicious intent, it can do some serious damage to its clients.
Another disadvantage of a centralized ledger is the controlling entity can shut down without notice and transactions will no longer be processed. Giving this kind of authority to someone will result in error, whether it be accidental or not.
DISTRIBUTED LEAGER
Two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.
Users are in control of all their information and transactions.
Data is complete, consistent, timely, accurate, and widely available.
Block chain-
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Block chain transaction sysytem-
blockchain network’s transactions are composed of sequential groups of data that are packaged together into “blocks” strung together linearly. Each block also contains a set of transaction data that is processed once the block is finalized. The individual blocks that make up the larger blockchain contain crucial information for the functioning of the network. Each new block contains cryptographically verifiable data regarding transactions, as well as a numerical challenge that must be completed in order for the current block to be approved and added to the blockchain.
hash is a function that meets the encrypted demands needed to solve for a blockchain computation.
All the nodes are connected to each other and they continuously exchange the newest information on the blockchain with each other
One Block size of Bitcoin is 1 Mb and store up to 2000 transaction.
Use Of Blockchain in Art Industry
Minimize Art forgery
Art forgery is the creating and selling of works of art which are falsely credited to other, usually more famous artists
both art and provenance forgery can be stamped out with the clever use of blockchain/decentralized ledger technology
Transparency in history of artwork
Just Open App andTrack it..
Easy Access To Data regarding previous owner and history
Expensive Middleman cost
Artist can easily sell his art online and be assured that the payment is safe and secure
Exponential Rise in Digital Art
Problems in Digital Art
No Original Copy. -
No original physical copy:-
Too easy-
Some say the undo button makes digital art too easy but, It still takes a great level of skill in the fundamentals of art to produce good digital work.
Proof Of Ownership
Fake Certificate
Any one can make fake certificate and
claim ownership of a digital asset
for complete blockchain overview-
So how do digital artist get the money and fame he/she deserves?
NFT-
What is NFT?
Non-fungible tokens are one of-a-kind digital assets They exists on blockchain technology and give buyer Digital ownership rights
How they work-
NFTs give the ability to assign or claim ownership of any unique piece of digital data, trackable by using Ethereum's blockchain as a public ledger.
What is smart contract-
An NFT smart contract is a mechanism for implementing a sale agreement between the NFT owner and the buyer.
NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT's.
When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards, such as ERC-721.
Emergence of New Forms of Digital Art-
Programmable Art
Art that is Programmable Ex:-Async.art
Async Art is a new art movement built on the blockchain. Create, collect, and trade programmable art: digital paintings split into "Layers", which you can use to affect the overall image. Art that can evolve over time.
Why NFTs Are The Keys To Accessing The Metaverse?
•Metaverses are digital 3D universes that give users and businesses endless opportunities for porting real-world assets and services •Metaverses provide an open and fair economy backed by the blockchain NFTs are the bridge to the metaverse, and facilitate identity, community and social experiences in the metaverse.
There are various ways to transfer real-world assets. And services that are virtual 3D worlds.
5.ADVANTAGES AND DRAWBACKS
So,lets wrap it....
In conclusion-
BLOCKCHAIN ALLOWS:
- Ease of Authentication Tackle Copyright and Art Forgery
- Know the History of Artwork Eliminating the Middleman
- Royalty to the Artists
- Fame and Respect To Digital Artists
- Invest in Digital Art :-NFT • Invest in Artist rather than art itself
let me Know Your Opinion on the blockchain and NFT's in The Comment Section ,suggest me Topic you want to Read.
Thanks For Reading .....
Btw I am Having Great Time in The college,ShoutOut to all MY Friend.
0 Comments