What is blockchain in copyright and why is it needed
Marat Mynbayev, trader, investor, founder of Amir Capital Group.
Blockchain technologies are used not only in the field of cryptocurrencies. Metaphorically speaking, Satoshi Nakamoto wanted to “discover India” but accidentally “discovered America.” Another of the many uses for blockchain technology is copyright.
The blockchain in copyright allows you to quickly determine who owns this right, as well as how and by whom this intellectual property is used. The blockchain makes it easy to find copyright information and makes it easy for authors to register rights.
The decentralized registry stores all the necessary information about authorship in the form of hashes and timestamps. The authors themselves can independently decide how their works will be used, for example, whether they can be changed or only viewed. All information stored on the blockchain is open to the public and unchanged, that is, it cannot be deleted or tampered with.
This approach allows you to reduce the costs of copyright registration and greatly simplify and shorten this procedure.
One example of a company is YourAmirPublishing in our group of companies. It is a managed repository of intellectual property such as video games, movies, music, books, and more. Authors are rewarded for using their work.
Another example of a similar service is Proof of Existance. It is an open source blockchain project that allows you to certify any document on the blockchain. The author’s file is hashed, and the record is entered into the blockchain, leaving a digital fingerprint forever. There are many more such examples: Photochain, Ujo Music and Creativechain projects.
Also, smart contracts are actively used in copyright. Smart contracts automatically control copyright transactions and provide remuneration to creators. Smart contracts allow you to get rid of middlemen, who very often charge high commissions for their services.
In addition, standard practices on the market today offer a fairly lengthy certification process. Therefore, smart contracts allow not only to reduce costs, but also the time spent on registration. At the same time, smart contracts allow you to secure transactions and avoid unauthorized use of copies: all transactions will be open to the public, and everyone can see the record of interest.
The main difficulties in the widespread use of these technologies today are associated with legislative regulation. In order to fully use the blockchain in the field of intellectual property, it will be necessary to develop a regulatory framework, as well as define rules for the use of smart contracts, copyright compliance and the powers of authorities. It is necessary to ensure the order of certification and copyright protection using the blockchain in order to implement this system everywhere. Not every country is ready to do this yet, and there are no uniform global legal standards.
However, given the popularization of blockchain technologies and the constant increase in public interest in them, as well as the unconditional benefits for authors, in the future, for the next 5 years, the development and adoption of a legal framework, as well as the widespread introduction of these technologies, have quite significant chances for development.
Blockchain technology is actually an amazing invention that has already changed many things that previously seemed obvious and unchanging to us. The future is blockchain, it’s just a matter of time.