Blockchain Best for Creative Artists Seeking Recognition
Blockchain provides an answer to the creative industry’s long traditional food chain.
More Blockchain technology-based projects are being developed in response to the plethora of actors within creative industries. Domains such as art, music, publishing, theater and cinema require a multitude of middlemen that contractually benefit from the talent of individuals.
Don and Alex Tapscott commented in the Harvard Business Review that middlemen in the creative industry take a cut of the revenues and “pass along the rest, with the leftovers typically reaching the artists themselves months later, per the terms of their contracts.” In response, several actors have launched their own companies within the existing industry model, though it is not an option viable for all.
Smart contracts at work
However, Blockchain-based platforms and programmable smart contracts promise increased independence and recognition within the industry. They run on widely-available devices and allow individuals to move and securely store anything of value: money, titles, deeds, music, art and other intellectual property. The potential new ecosystem for creative industries could usher in an era of independence for individuals who demand autonomy and increased recognition.
One example of the burgeoning field is Creativechain, a project based on a free software community that supports the distribution of culture under copyleft and Creative Commons licenses. Oscar Parera, the startup’s developer, stated:
“Creativechain is a bet for the public benefit of free culture and common creation as a collaborative method of growing and guaranteeing the right to culture. We want to build the largest, distributed book of digital records ever to date. Also, we want the platform to become a communication tool and a reference in terms of quality and quantity of content and freedom of expression in the network”.
Creating public and transparent alternatives to intellectual property registration with Blockchain technology opens up a universe of possibilities without intermyediaries, Parera adds. The power of attorney in conjunction with the decentralized p2p distribution of digital content creates a new paradigm shift in the era of digital culture.
Commenting on the specifics of the project, Parera continues,
“Creativechain, as its name suggests, bets for a collaborative work between authors by creating creative chains that allow users to interact with others’ works. This way, if a work receives a contribution, all the authors that participated in the chain will be rewarded.”
Following its ICO, Creativechain, with its open source technology, is set to launch the first multimedia distribution application in coming months, while others will be developed for the diverse market of digital content, including podcasts, e-books, music, and blogs
As the Tapscotts suggest, the technology establishes trust by mass collaboration and clever coding, combined with an artistic community that values inclusion, integrity, security, fair exchanges and transparency in deal making.
Similar Blockchain-based initiatives for the creative industry include:
SingularDTV: a digital content management and distribution platform that seeks to decentralize the entertainment industry and increase individual profit
WeiFund: a crowdsale platform to fund creative works
Wiper: a tool for the film industry to monetize their content directly by making it available through its encrypted messaging app that comes with a Bitcoin wallet
Custos Media Technologies: a Bitcoin blockchain platform developed by a South African startup hoping to track media piracy by incentivizing the file-sharing community.