Blockchain Secure cooperates with Telecom SudParis for a fair remuneration of artists
While the music industry is forecasted to reach an estimated USD47 billion worth by 2027, it has greatly suffered from the COVID crisis: live performances have been impossible for over 1 year, leading digital distribution to be a de facto monopoly.
The music industry faces to a major problem, namely the production and management of IPR metadata that ensures the compensation of artists. It is currently estimated that USD2.5 billion are lost in a so called “black box” of unclaimed royalties.
Marvin addresses the two main technical deadlocks behind this problem: the lack of a consensus when it comes to metadata management and the lack of trust in the current centralized and opaque system.
Marvin is a pragmatic solution, based on the new ISO/IEC 21000-23 standard (known as MPEG-21 Smart contracts for media). This allows for ISO interoperability grounds to be ensured for the creation, processing, exchange, and storage of IPR metadata at any level of the digital art distribution chain. MPEG-21 Smart contracts for media is also the enabler for coupling IPR metadata to Blockchain solutions, thus ensuring a transparent, decentralized framework for royalty management.
Marvin covers a large functional range:
- systematic metadata notarization,
- automatic management and payment of royalties,
- operational control by artists (or by entities acting on their behalf),
- reduction of the entry barrier for new artists by reducing their dependency on market giants.
Automatic creation and deployment of IPR managing Smart Contracts
Marvin is part of a larger project, namely BCS-NFT Marketplace, developed by Blockchain Secure.
An initial structured representation (XML, JSON, RDF, etc.) of a contract that describes monetization rules and royalty distribution amongst actors is automatically translated as a Smart Contract and deployed on the Blockchain. Subsequent payments are shared automatically following the rules of the initial contract.