The IOTA Foundation is making news in the intellectual property rights sector with its latest innovation aimed at transforming how music rights are managed in the film industry.
Leveraging distributed ledger technology, IOTA has unveiled a new platform designed to streamline and simplify the complex process of securing and managing music rights for films.
The IOTA IPR Marketplace platform
Under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, IOTA has developed a prototype solution known as the IPR Marketplace platform.
This new tool is set to change the traditionally cumbersome process of negotiating and securing music rights, which often involves lengthy negotiations and extensive paperwork.
At the heart of this IOTA solution is the Smart Contracts for Media (SCM) system. This system replaces traditional manual negotiations with automated, transparent digital contracts. These smart contracts are self-executing agreements that manage the terms and conditions of music rights transactions, ensuring fair and immediate compensation for rights holders.
The platform incorporates Non-Fungible Tokens (NFTs) to represent rights and obligations, enhancing the transparency and traceability of these transactions.
Streamlining the process of securing music rights
Imagine a film producer in search of the perfect song to complement a crucial scene in their film. Traditionally, securing the rights to use a song involves navigating a web of stakeholders, including collective rights management organizations, publishers, record labels, and the featured artist.
This process is often marred by delays and inefficiencies due to the manual effort required to handle negotiations and enforce payments.
With IOTA’s IPR Marketplace platform, the film producer can now streamline this process significantly.
By using the platform’s digital tools, she can select predefined contract templates, make real-time adjustments, and finalize terms digitally. The contracts are then deployed on the IOTA Smart Contract Chain, ensuring their immutability and security.
Payments and royalty distributions are managed automatically through the platform, with funds flowing seamlessly from the producer’s Web3 wallet to the relevant stakeholders.
The IPR Marketplace integrates NFTs
The integration of NFTs further enhances the system. Each work of art and associated rights are encapsulated using NFTs, which contain unique identifiers pointing to detailed data stored off-chain via the InterPlanetary File System (IPFS). This not only secures the rights but also provides an easily accessible and verifiable record of the contracts, reducing disputes and ensuring transparency.
IOTA’s solution addresses long-standing challenges in intellectual property rights management by offering a standardized, efficient approach.
By automating and digitizing the process, IOTA not only simplifies rights management but also enhances the accuracy and speed of royalty payments.
As the film industry continues to embrace new technologies, IOTA’s innovative approach promises to set a new standard for intellectual property rights management.
With its advanced blockchain-based tools, IOTA is poised to revolutionize how music rights are handled, paving the way for a more transparent and efficient era in film and media.
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