An Artwork Rental System Based on Blockchain Technology

Abstract

In recent years, due to the slowdown of the global economy and the instability of the stock market and real estate market, the art market has gradually become the third-largest investment market after the former two. As more and more funds flow into the art market, the two seemingly unrelated industries, art, and finance have increasingly close cooperation due to the growing prosperity of the art market. As a very important part of the process of art financialization, the development of art banks has also received extensive attention from all walks of life. In addition, blockchain, as a technology to jointly maintain reliable databases through trustlessness and decentralization, has grown rapidly in recent years, and is gradually applied in various fields. The advantages of blockchain technology are decentralization, anonymity, immutability, and traceability of stored information. The proposed scheme applies the characteristics of blockchain technology to Art Bank’s art rental system, and will have the following advantages: the use of Hyperledger technology, various art banks being merged into an alliance, and information among alliance members being shared, which is convenient for tenants to comprehensively query a single item. Using blockchain technology, in an environment where there is no central authority, under the premise of preventing the tampering of artwork-related information, ensures that the detailed information of the artwork is shared. Traditional leasing agreements can be compiled into smart contract leasing contracts to automatically run and manipulate data. The proposed protocol satisfies the following security requirements: identities’ mutual authentication, non-repudiation between every two parties, and other major security requirements based on blockchain. When a dispute arises, our proposed scheme also has an arbitration mechanism to clarify responsibilities.