The IOTA Foundation has unveiled an innovative tool aimed at enhancing the management of intellectual property rights (IPR) within the film sector. This initiative is part of the European Blockchain Services Infrastructure (EBSI) Pre-Commercial Procurement (PCP) and is backed by the European Commission. The tool leverages Distributed Ledger Technology (DLT) and Smart Contracts to simplify the intricate process of managing music rights in films.
[
#EBSI
Update III]
#IOTA
has created an Intellectual Property Rights (
#IPR
) tool as part of the
@EU_EBSI
PCP. Utilizing Distributed Ledger Technology (
#DLT
), it facilitates the management of music rights in films ⤵️
https://t.co/DDtldXbX80
pic.twitter.com/wjShd1Fm7H
— IOTA (@iota)
August 12, 2024
### New IOTA Platform Uses NFTs to Transform Music Rights Management
Traditionally, when a song is featured in a film, royalties must be distributed among various stakeholders including writers, performers, record labels, and music publishers. Each of these parties often operates under different contractual agreements, complicating the calculation and sharing of royalties. This can lead to delays and difficulties for rights holders in securing fair compensation.
To tackle these issues, IOTA has launched the IPR Marketplace, a platform designed to shift from direct negotiations to digital contracts. These contracts are managed and executed through Non-Fungible Tokens (NFTs), which can represent elements like royalty payments and rights for music releases or remixes. The NFTs contain links directing users to more detailed information stored in secure databases, ensuring transparency and traceability.
For example, when a film like *Midnight Blue* features a specific track, the copyright information is encapsulated within an NFT, facilitating seamless payments. This system ensures that every stakeholder receives their rightful share efficiently, reducing the likelihood of disputes and streamlining the entire rights management process through the use of NFTs and blockchain technology.
### IOTA’s Tool Promises Enhanced IPR Management in Entertainment
In this endeavor, IOTA aims to fundamentally transform how intellectual property rights are protected and managed, offering a system that is not only efficient but also transparent and adaptable to real-world scenarios. The Foundation also anticipates further advancements in this domain, including the incorporation of smart contracts for various events, such as radio airplay of songs.
In conclusion, IOTA’s latest tool marks a significant step toward reforming the traditionally inequitable landscape of intellectual property management in the film industry.
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