There have been many new developments in the cryptocurrency world, particularly when it comes to the launching of new exchanges. The distributed ledger technology continues to re-shape traditional industries. Another addition to this is a blockchain powered platform specifically made for artists and rights holders which is being developed by Kim Jackson, co-founder of Singular DTV.
This new development also has possible application outside traditional cryptocurrency-based companies.
“Simply, what we are up to is creating a digital supply chain from creator to consumer,” said Jackson in a keynote talk titled ‘Blockchain: Empowering content creators.’
“We are aiming to empower creators to retain control of their IP. This is very important because in our industry right now, one of the major pain points for artists is their inability to track their IP all the way through to the distribution.”
The platform is intended to further develop on the concept of artists and creators having definite control over their own royalties in the crypto world.
The way the crypto payments will be made is rather interesting. They essentially work as a pay-per-view in the sense that the owners of the works will receive payment based on how popular their creations prove to be.
The way they will be tracked is an IP embedded in the work that is associated with a token. Essentially, the system will ensure that creators will get their earnings in a seamless manner.
Jackson has stated that this will be revolutionary in the way royalties are paid and tracked but warned that the technology is still in its early stages and still has work to be done.
“I think there’s room in the decentralized blockchain world for everybody and I think that our technology can be utilized by big distributors and studios for their accounting purposes,” said Jackson.
While there has also been talk about this new technology competing with mainstream streaming services such as Netflix, Jackson has argued that they can work side by side rather than compete and create a better system for both parties.
“Just by utilizing the backend piece of what we’re doing we’ll create so much more efficiency in the accounting and reporting, which will save a company like Netflix or Spotify or Amazon millions of dollars.”