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- SIAE has decided to take the digital route to ensure that its authors have complete control over their work copyrights.
- The agency has chosen blockchain firm Algorand to aid in this task.
- Protection against infringement with NFTs is expected to last for at least 139 years.
With the arrival of non-fungible tokens, the entire crypto realm is all set to be revolutionized. Blockchains, which were primarily used for financial transactions, has matured enough to incorporate representations of any tangible or intangible items. This is known as NFTs and has the crypto world in a frenzied state. However, perhaps one of the best use-cases of this piece of technology would be to ensure that copyrights are securely protected against any infringement, and an Italian agency has done just that.
4 million NFTs set to be minted
The Società Italiana degli Autori ed Editori (SIAE), which translates to “The Italian Society of Authors and Publishers”, has decided to take the digital route to ensure its protection of members’ intellectual property. In an announcement, it stated that it has roped in Algorand, a blockchain management firm, to create NFTs for the rights of close to 95,000 authors.
NFTs are particularly unique, and their authenticity is absolute while also being easily verifiable. Exploiting this attribute, authors’ intellectual rights and properties can be verified and given guaranteed protection. For this, Algorand plans to mint about 4 million tokens initially, with other tokens to be minted on demand. This will also ensure transparency as digitized rights are protected worldwide in open infrastructure.
Protection guaranteed for 139 years
In a statement, Algorand has said that both the firms have been working on this project since 2019. The project’s success would warrant protection for at least 139 years, a time by which successful authors rights will be globally recognized. The GM of SIAE, Gaetano Blandini, stated that the firm was interested in value-added service to its esteemed members rather than profits. Both he and Silvio Micali, founder of Algorand, acknowledge that the onset of blockchain in these sectors would be a game-changer while also requiring companies to adapt their business models to incorporate new trends. Silvio was optimistic about this new venture which, at its heart, focusses mainly on transparency and simplicity in data structuring and management.
This new venture is an exciting one that has long term implications for copyrights agencies worldwide.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
