IOTA launches blockchain tool to simplify music rights management

IOTA has introduced a new blockchain-based tool that aims to simplify music rights management in the film industry.

IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has announced a blockchain-based tool designed to transform the management of music rights in movies, solving what the project describes as a traditionally time-consuming process.

Developed under the European Blockchain Pre-Trade Procurement initiative and funded by the European Commission, the new solution leverages distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an August 12 blog post.

The core of IOTA’s latest solution is a system of Smart Media Contracts that automate contracts between filmmakers and rights holders. These smart contracts are self-executing digital agreements that aim to reduce the time traditionally required for negotiations and payment processes.

IOTA introduces NFTs to revolutionize intellectual property management

IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” allowing manufacturers to choose from predefined contract templates, make real-time adjustments, and finalize terms digitally. Once agreed upon, smart contracts are deployed onto the IOTA Smart Contract Chain, ensuring agreements are immutable.

The tool also includes non-fungible tokens to represent rights and obligations. These NFTs contain unique identifiers that are tied 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 intellectual property protection, an area where blockchain has yet to offer a standard solution. Other firms, such as US-based Dapper Labs, best known for its CryptoKitties video game, have also offered NFT licenses to expand their 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, allowing for easier verification of ownership and contract terms for all parties involved.