By FINTECH Books Contributor, Javier Tamashiro Follow: @JavierTamashiro Art provenance provides a critical foundation for assessing the authenticity of an artwork. A good provenance leaves no doubts that it is a genuine object and increases its value. The capacity to successfully perform a good provenance is highly dependent on the existence of documented evidence which proves its ownership, owner identity and helps to establish that the artwork has not been altered, is not a forgery or stolen object. This complex and expensive authentication process significantly increases the transaction costs and is considered one of the biggest threats to credibility and trust in the art market. With the art market moving from a small niche market towards a global industry, the need for improved art provenance solutions get imperative. There are benefits of blockchain technology in the registration and authentication processes of artworks; and analyses potential collaborative data-sharing frameworks between the private and public sectors. The art market is still considered an immature industry, while blockchain is starting to disrupt many of the existing ways of doing business. To unlock their mutual benefits it is essential to understand some of the key technology risks and challenges that must be overcome, in particular in the area of data protection and privacy, anti-money laundering regulations and political commitment. If you would like to learn more about FinTech please look at our video courses at FINTECHCircleInstitute.com