- Under its partnership with the European Commission, IOTA has launched a solution prototype using DLT to streamline intellectual property rights management.
- The solution’s proposed intellectual property rights marketplace enables users to leverage automated and transparent digital contracts, replacing traditional negotiations.
Music and film are two intertwined genres that have complemented each other for decades. Some of the most iconic cinema moments are defined by the choice of music, eliciting fear, joy, excitement, sadness, love, and almost every other emotion known to man.
However, while the two sectors relate closely, they are forever separated by a web of complicated intellectual property rights (IPR). Behind each song that’s featured in a movie lies a long line of beneficiaries, from songwriters and producers to music labels and publishers. Movie studios usually have to negotiate separately with each faction, work out a deal, and then piece everything together. Not only does this cost valuable time, but it’s also costly and inefficient.
Enters the IOTA Foundation and the European Commission with a new solution for the IPR sector that leverages blockchain technology to ease the divide between music and film.
What’s IOTA’s Solution?
The IOTA Foundation unveiled its new solution on Monday, describing it as the ultimate platform for the streamlined intellectual property rights (IPR) management using DLT, NFTs, and smart contracts.
[#EBSI Update III] #IOTA has developed an Intellectual Property Rights (#IPR) tool as part of the @EU_EBSI PCP. Using Distributed Ledger Technology (#DLT), it streamlines music rights management in films 🎹 🧵⤵️ https://t.co/DDtldXbX80 pic.twitter.com/wjShd1Fm7H
— IOTA (@iota) August 12, 2024
The solution is one of many under the Foundation’s partnership with the European Commission under the European Blockchain Pre-Commercial Procurement, which we have been reporting on since it kicked off in 2021.
IOTA proposes an all-new IPR Marketplace powered by the IOTA Smart Contract Chains. With it, users can engage with smart contracts as dynamic, self-executing digital entities, cutting out the middleman and enabling true digitalization of two industries with billions of fans globally.
So, how does it work? Well, first, the user opens a digital identity wallet powered by IOTA, from which he logs into the IPR Marketplace. They can then choose one of several predefined contract templates that best suit their needs, fill it out, and share it with the publisher and the record label. Any adjustments are in real-time on the blockchain, minimizing delays and cutting out any misunderstandings.
Once the contracts are signed digitally by the two parties, they are converted into a smart contract that manages payment distribution. This contract is then deployed on the IOTA network, making it immutable and secure. The smart contract’s deployment triggers payments over the IOTA network from the movie studio to all the signatories, and since it’s done on DLT, these payments are all transparent and traceable.
To further cement this agreement, the marketplace mints an NFT that represents every participant’s rights, royalties, and obligations.
“In conclusion, integrating IOTA in the management of intellectual property rights offers a transformative approach to traditionally opaque practices,” the Foundation conclude, adding:
This advancement promises to revolutionize the way intellectual property rights are handled, making the process more dynamic and responsive to actual usage — a true harmony of technology and creativity.
IOTA trades at $0.1324, dipping by 2% in the past day.
