Blockchain and the creative economy are two industries that do not often go hand-in-hand. Yet blockchain’s potential for protecting and nurturing the creative industry is extensive. Now more than ever, it’s essential that we recognise the importance of creativity in our current world and its potential to drive economic growth.
For World Creativity and Innovation Day, we look at three ways blockchain technology will nurture the creative economy.
Blockchain’s potential for IP protection in the creative economy is multi-faceted. Not only will smart contracts allow artists to manage their own rights, creators will also be able to control their own partnerships and know exactly where their content is going.
Blockchain also provides an immutable record of IP protection and transactions. The profess to enforce copyright law is currently extremely complicated and time consuming. With the assistance of blockchain, artists can have better control over their own content and enforce the law when it has been used without their permission.
This provides content creators with better autonomy over both their content and legal processes.
Improved control for artists and other creatives
When utilising traditional processes, artists, especially in music, often lose significant amounts of money to intermediaries such as agencies, managers and labels.
Blockchain would provide them with an avenue through which they could autonomously manage, control and distribute their own content. It would also allow them instant payment, which would be massively beneficial for smaller creators.
Providing permissions and gaining revenue
Blockchain provides the potential for artists to cut out intermediaries and provide near-instant permission for usage of their content in return for transparent and quick payment. This also cuts out the middle man, preventing somebody else from taking a cut and gaining profit from the artist’s content.
The creative economy drives growth. Leaders in business adopting creativity in their everyday work nurture the economy and encourages innovation. Companies drive transformation through creativity. The creative economy extends further than merely content creators, and creating positive changes for IP and intellectual exchange will benefit all of us.