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http://dx.doi.org/10.17703/JCCT.2020.6.4.219

A Proposal of Procedure for Restoring Ownership in Blockchain-based Art Trade Platform  

Lee, Eun Mi (Dept. of Art&Design, Sahmyook Univ)
Publication Information
The Journal of the Convergence on Culture Technology / v.6, no.4, 2020 , pp. 219-224 More about this Journal
Abstract
One of the main reasons for the commercial failure of various early blockchain-based art trade platforms, including Maecenas, is the lack of clear ways for owners to fully restore ownership of artworks. In this paper, we proposed a procedure for the owner of the artwork to rebuy shares and restore his or her entire ownership in the blockchain system. Using the proposed procedure, we can find a balanced price between the owner and investors, and then restore ownership through a public purchase of the stake. The balanced price can be induced by penalizing the owner for proposing unreasonably low price, and by rewarding investors for deciding reasonable prices. The proposed procedure of restoring ownership is expected to be utilized not only on the block chain-based art trading platform but also on the block chain-based trade platform in other applications.
Keywords
blockchain; cryptocurrency; artworks; trade platform; ownership;
Citations & Related Records
Times Cited By KSCI : 6  (Citation Analysis)
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