Last week, the Italian Society of Authors and Editors (SIAE) said it partnered with blockchain firm Algorand to develop a copyright management platform.
SIAE is a 137-year-old organization and ranks sixth in the world for copyright collectives. The association issues copyright licenses, for example, if someone wants to use music in a video. The organization has been exploring blockchain and previously initiated a similar project in collaboration with the La Sapienza University of Rome and the startup Blockchain Core, which used Hyperledger technology.
Now, SIAE is working with Algorand to leverage the latter’s recent blockchain protocol upgrade. Artists and musicians will get a transparent view of their works being used by someone, and the platform will keep track of the royalties they would receive.
“The world is evolving, but the founding mission of the Italian Society of Authors and Publishers, the protection of creativity, does not change,” said SIAE General Manager Gaetano Blandini. “Our collaboration with Algorand is part of a process already started and is aligned with research and innovation on a national and global scale.”
Commenting on the partnership with SIAE, Silvio Micali, the founder of Algorand, said, “Collaboration between technology providers and forward-thinking organizations such as SIAE opens up vast opportunities for progression towards new economic models that promote inclusivity, transparency, and frictionless transactions.”
Blockchain is being seen as the perfect match to protect intellectual property owing to its incorruptible structure. In copyright management, a blockchain network decentralizes the sharing of data based on mutual trust. It breaks down data siloes, which are easier to hack and modify. Thus, potentially, each piece of copyrighted work can be assigned unique identifiers, and royalty payments could be directly sent to the owner’s wallet without a third-party.
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