In the digital era, information flows freely from one part of the globe to the other. This has opened up countless opportunities for content creators who now have a global audience. However, the free flow of content has also led to widespread piracy and copyright infringement. Content creators nowadays struggle to prove ownership of their content, and even then, they still have a hard time monetizing this content. However, recent technological advancements have made it possible to monetize intellectual property on blockchain.
Intellectual property (IP) encompasses a wide range of things, from music licensing, to patents and copyrights, from artistic works to technological inventions. Having the ability to monetize this property can rake in millions of dollars. However, as it happens so often, the current infrastructure makes it extremely easy to have your intellectual property stolen and monetized without your knowledge or consent.
One of the most renowned cases is that of Tetris, the game that garnered worldwide usage from half a billion people. The creator of Tetris, who lived in the Soviet Union, only started enjoying royalties from his creation after he moved to the U.S., a decade after creating the game.
So, how can you monetize intellectual property on blockchain? There are various ways, the first and most efficient of which is the use of smart contracts. By embedding a smart contract to your intellectual property, you allow the blockchain to execute a license for IP use. If you are a photographer, for instance, every time someone accesses your photos, the blockchain triggers the automatic payment in regards to the terms you have set.
Smart contracts also allow for the appropriate scaling of the payments. For instance if a large corporation uses your photos, the smart contract will scale the payment and ensure that you receive the right compensation for your work.
The use of blockchain technology also enables the content creators to bypass the middlemen, further raising the revenue they generate from their content. Middlemen, such as popular streaming platforms get to dictate the amount of money a creator generates from their own work. In the past, some of the biggest global artists have boycotted music streaming platforms such as Spotify and iTunes over low revenues. With blockchain technology, the creators are fully in-charge and get to decide what their art is worth.
Blockchain technology further allows for universal cross-platform monetization of content. Currently, several platforms compete for supremacy and market share at the expense of the creators. Blockchain technology would enable the creator to earn money regardless of the platform their content is consumed through.
This is possible because the blockchain allows a creator to own the intellectual property permanently. With the use of smart contracts, the creator will earn the rightful compensation no matter where their content is accessed.
This also works to eradicate piracy, one of the biggest challenges for content creators. The pirates could be incentivized to act as content distributors, being responsible for validation of distribution and payments. They would then receive compensation for every transaction that goes through their node.
The ability of content creators to monetize intellectual property on blockchain all depends on the blockchain network they decide to use. Bitcoin SV is by far the best enterprise blockchain globally and the only blockchain network that can guarantee content creators easy monetization of content. With its real-time transactions and extremely low fees, it supports micro transactions in a way that no other blockchain network can.
This has made Bitcoin SV a favorite for developers and businesses globally and come October 1, they will congregate in Seoul, South Korea for the CoinGeek Seoul conference. Come and learn about how BSV’s massive on-chain scaling can help you monetize intellectual property on blockchain and much more. Grab your tickets now!
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