IOTA has introduced a new blockchain-based tool aimed at simplifying music rights management in the film industry.
IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-powered tool designed to transform the management of music rights in films, addressing what the project describes as a traditionally time-consuming process .
The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, uses distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an August 12 blog announcement.
At the heart of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, intended to reduce the time traditionally required for negotiations and payment processes.
You might also like: IOTA and Eviden launch solution for digital product passports
IOTA brings NFTs that revolutionize IP rights management
IOTA claims the solution promises to “revolutionize the way intellectual property rights are handled,” allowing manufacturers to select predefined contract templates, make real-time adjustments and finalize terms digitally. Once agreed, the smart contracts are deployed on the IOTA Smart Contract Chain, making the agreements immutable.
The tool also includes non-fungible tokens to represent rights and obligations. These NFTs contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.
The initiative aims to address long-standing challenges in the protection of intellectual property rights, an area where blockchain has yet to provide a standardized solution. Other companies, such as US-based Dapper Labs – known for the video game CryptoKitties – have also introduced NFT licensing to broaden the use cases for digital art, outlining what owners can legally do with their assets.
However, IOTA claims that its system improves the traceability and security of rights management, making verification of ownership and contract terms easier for all parties involved.
Read more: IOTA becomes Sharia compliant as its price stagnates