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The Italian Society of Authors and Editors (SIAE), a global pioneer when it comes to copyright management, has tapped blockchain firm Algorand for its next initiative. The project in question is creating a “new open ecosystem for copyright management” that will be based on Algorand’s blockchain platform.
Algorand was specifically chosen due to the platform’s decentralized nature and high performance. The firm is using a pure proof-of-stake (PPoS) protocol that’s both secure and scalable, ensuring that it can handle the waves of data and transactions involved in copyright management.
In a blog post published by Algorand, the firm said that this partnership is a preparation for what the future holds for the industry. Blockchain has been disrupting a lot of sectors and given that it provides an immutable ledger – among other things – it’s not surprising that it’s now being used to protect intellectual properties.
The industry’s evolution
SIAE said that it’s trying to improve the current system by ramping up security around the works of creative individuals. Commenting on the collaboration, SIAE General Manager Gaetano Blandini said that it will provide a more efficient and transparent solution for its clients in the future.
“The world is evolving, but the founding mission of the Italian Society of Authors and Publishers, the protection of creativity, does not change. Our collaboration with Algorand is part of a process already started and is aligned with research and innovation on a national and global scale. Together we continue to write a story that began 137 years ago and that today embraces the future,” Blandini said.
Eliminating the middleman
Artists and musicians will be able to monitor how their works are being used and if the royalties they’re receiving is in line with current industry standards. With this new model, a project that aims to use a musician’s song can send payment directly to the artist’s wallet without going through a third party, streamlining the process and providing a transparent view of the exchange.
Algorand founder and Turing award winner Professor Silvio Micali expressed his excitement over the project, saying that this will undoubtedly push the industry’s evolution to its next phase.
“Collaboration between technology providers and forward-thinking organizations such as SIAE opens up vast opportunities for progression towards new economic models that promote inclusivity, transparency, and frictionless transactions. I am honored that SIAE has selected the Algorand blockchain to serve as the backbone of its new initiative and look forward to seeing their solutions brought to life by the performance and functionality released in Algorand 2.0,” Micali said.
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