IOTA recently integrated its DLT and Smart Contracts for Media in an IPR Marketplace to streamline the acquisition of rights over copyrighted music.
The Challenges of Using Copyrighted Music
The use of copyrighted music can sometimes get complicated. Without the rights to it, it could get the user in trouble. By the time the issue reaches the court, the ensuing fines and legal fees can drain one’s finances.
To avoid the pitfall of a copyright claim, filmmakers and creators should always ensure that they have the permission of the music’s owner before using it or have paid for the right to do so. Another way around this predicament is to embed non-copyrighted music or audio that falls under fair use in their work.
Choosing the latter means the user should only utilize the medium for its intended purposes. Oftentimes, it does not allow the monetization of the content.
For this purpose, the IOTA Foundation recently unveiled a new use case for its digital ledger technology (DLT) and Smart Contracts for Media (SCM).
IOTA Introduces IPR Payments Solution
A lot of filmmakers and creators frequently struggle when it comes to using copyrighted audio. The process is not really as easy as it sounds.
Behind this scenario is a tangled web of intellectual property rights (IPR). The law covering IPR guarantees that songwriters, performers, record labels, and publishers get their fair share of the royalties. So, when a filmmaker or content creator chooses to use copyrighted music, the procedure entails entering into negotiations and preparing different agreements for each of the parties involved.
The IPR Marketplace simplifies the process of securing copyright deals through the Smart Contract for Media technology offered by the IOTA Smart Contract Chains. It bridges the interaction of the participants and automates the execution as well as enforcement of the terms they have agreed upon.
All the user needs to do is to log in to the IPR Marketplace via IOTA’s European Blockchain Services Infrastructure (EBSI) -compliant Digital Identity Wallet. The system allows the user to select a predefined contract template, and from there, all they have to do is fill out the details needed for the synchronization license, such as the publisher, record label, and applicable laws, among others. The terms could be edited in real-time to avoid potential misunderstandings and delays.
After that, the parties have to digitally sign the contracts. At this point, the SCM gathers the information and deploys it on the IOTA Smart Contract Chain. With its ISO/IEC 21000-23 standard protocol, the SCM automatically manages the payments and royalty distributions of the copyrighted content. The platform autonomously collects the funds from the user’s linked Web3 wallet for the settlement of the dues.
IOTA IPR Marketplace Flowchart (Source: IOTA Foundation)
A Peace of Mind for IPR Owners and Users
Besides the convenience the IPR Marketplace offers to users, its fusion of non-fungible tokens (NFTs) in the procedure ensures the immutability, verifiability, transparency, and traceability of each agreement. In a way, this lets the IPR owners enjoy the fruits of their labor through just compensation for the use of their work.
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