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IOTA has unveiled a new blockchain-based tool aimed at simplifying music rights management in the film industry.
IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-powered tool designed to transform music rights management in films, addressing what the project describes as a traditionally slow process.
The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, leverages distributed ledger technology to streamline negotiations and protect intellectual property rights more efficiently, according to an Aug. 12 release. blog announcement.
At the core of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, which aim to reduce the time traditionally required for negotiations and payment processes.
IOTA revolutionizes intellectual property rights management with nfts
IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” allowing producers to select predefined contract templates, make adjustments in real-time, and finalize terms digitally. Once agreed upon, smart contracts are deployed on the IOTA Smart Contract Chain, ensuring agreements are immutable.
The tool also incorporates non-fungible tokens to represent rights and obligations. These nfts contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.
The initiative seeks to address long-standing challenges in protecting intellectual property rights, an area where blockchain has yet to offer a standardized solution. Other companies, such as US-based Dapper Labs (known for the video game CryptoKitties), have also introduced nft licenses to expand the use cases for digital arts, outlining what owners can legally do with their assets.
However, IOTA claims its system improves the traceability and security of rights management, facilitating easier verification of ownership and contractual terms for all parties involved.
