Blockchain Revolution



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Blockchain Revolution

2.
The Rights Creators
During the first generation of the Internet, many creators of intellectual property did
not receive proper compensation for it. Musicians, playwrights, journalists,
photographers, artists, fashion designers, scientists, architects, and engineers all were
beholden to record labels, publishers, galleries, film studios, universities, and large
corporations that insisted these inventors assign their intellectual property rights to
what essentially are large rights management operations in exchange for less and less
of their IP’s value.
Blockchain technology provides a new platform for creators of intellectual
property to get value for it. Consider the digital registry of artwork, including the
certificates of authenticity, condition, and ownership. A new start-up, Ascribe, enables
artists themselves to upload digital art, watermark it as the definitive version, and
transfer it so that, like bitcoin, it moves from one person’s collection to another’s.
That’s huge. The technology solves the intellectual property world’s equivalent of the
double-spend problem better than existing digital rights management systems, and
artists could decide whether, when, and where they wanted to deploy it.
Meme artist Ronen V said, “Art is a currency. The evolution of art into digital
currency is—no question—the future. And this is a good step.”
23
Musicians,
photographers, designers, illustrators, or other artists whose work could be digitized
and watermarked as a definitive copy could use this technology to transform their
intellectual property into a tradable asset, a limited edition perhaps customized for a
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