COPYRIGHT LAW
Italian Society for Authors and Publishers: for the first time copyrights turned into representative digital assets via Blockchain.
SIAE has launched a large project for the creation of an open platform based on blockchain technology that allows to manage in a transparent and efficient way "by design" the rights of authors who for the first time are represented as digital assets. SIAE has in fact created more than 4,000,000 NFTs (Non Fungible Tokens) which will digitally represent the rights of the more than 95,000 authors associated with SIAE. Non-fungible tokens (NFT), a type of digital asset registered on the blockchain, will therefore be used for the first time to represent the rights of authors registered with SIAE. A decentralized and transparent public register that represents them is the basis of an open infrastructure that protects copyright widely.
The creation of these assets represents the first step towards goals that will allow a much more transparent and efficient management of the rights themselves, in their "journey" between those who benefit from the right (those who listen to music, for example) and those who live by it (the author). In the future, the role of intermediaries in the ecosystem of content and rights brokerage will change radically, towards a new paradigm in which many other intermediaries in the supply chain of rights and content will see business models change in an ever faster and deeper way.
The project open on a public blockchain and accessible to anyone who started from Italy but has all the characteristics to become international. The management of copyright is in fact a global issue and solutions based on blockchain technology are scalable by definition. To achieve a result for the benefit of all, massive adoption - in a first phase - by all collecting societies globally will be required. In this way, we would quickly arrive at a truly decentralized management of these metadata, which are fundamental for a correct and transparent management of rights. The system is also already designed - with a view to true open decentralization - to be able to transfer management directly to those entitled, who will then be able to manage the metadata relating to their rights.
(Source: web site siae.it – Press Release – Author and ownership of the contents: Italian Society for Authors and Publishers).
The creation of these assets represents the first step towards goals that will allow a much more transparent and efficient management of the rights themselves, in their "journey" between those who benefit from the right (those who listen to music, for example) and those who live by it (the author). In the future, the role of intermediaries in the ecosystem of content and rights brokerage will change radically, towards a new paradigm in which many other intermediaries in the supply chain of rights and content will see business models change in an ever faster and deeper way.
The project open on a public blockchain and accessible to anyone who started from Italy but has all the characteristics to become international. The management of copyright is in fact a global issue and solutions based on blockchain technology are scalable by definition. To achieve a result for the benefit of all, massive adoption - in a first phase - by all collecting societies globally will be required. In this way, we would quickly arrive at a truly decentralized management of these metadata, which are fundamental for a correct and transparent management of rights. The system is also already designed - with a view to true open decentralization - to be able to transfer management directly to those entitled, who will then be able to manage the metadata relating to their rights.
(Source: web site siae.it – Press Release – Author and ownership of the contents: Italian Society for Authors and Publishers).
