A new collaboration between blockchain company Cardstack, and U.S.-based media rights management corporation Dot Blockchain Media, may help to secure the media rights and payment of musicians and artists.
Cardstack is an open-source framework and consensus protocol that makes usable and scalable blockchains. They aim to create a decentralized software ecosystem that challenges the status quo. In its recent token generation event (TGE) the fundraising goal of $35 million was reached. Their CARD tokens use the ERC20 Ethereum-based smart contract protocol.
Dot Blockchain Media works to help modernize media rights management using blockchain technology. It is developing a system to dynamically wrap the rights information, files and metadata that are related to a distributed database. This will facilitate the provision of information to the media creators and the businesses wishing to use the media, and improve payments and transparency for both parties.
Currently, the processes involved with paying artists and assigning content rights is incredibly complex, causing both parties involved in transactions to often lose out financially or productively.
The new system developed by Cardstack and Dot Blockchain Media intends to address inefficiencies in the storage of data relating to artists media. The use of blockchain technology developed by Cardstack will accurately record metadata from multiple sources and give artists greater control over their content and how it is used.
The new system will also help amateur artists work with record labels more easily and with less risk of their art being co-opted and sold without their knowledge. One of the most famous examples of this was immortalized in the 2012 documentary ‘Searching For Sugarman’, which details the events surrounding singer-songwriter Sixto Rodriquez’s first two albums.
Image From Shutterstock