Blockchain to bust Bogus Billionaires
If content is king why are its creators missing out on royalties? The gross power asymmetry between musicians and the middlemen who dominate the supply chain and distribution networks remains, despite the advent of streaming sites like Youtube & Spotify.
Individual Content and Skills Token (ICST) is leveraging blockchain technology to tip the balance back in favour of content creators. The start up is giving copyright holders access to a direct-to-consumer platform where they can share their material under their terms. Using smart contract technology artists can automate revenue distribution. Aggregators and royalty collectors are removed from the equation, lowering transaction costs and creating a fairer marketplace for both musicians and their fans. This is a major disruption to the traditional and restrictive pricing, publication and monetization models.
The ICST protocol is being developed on the Ethereum blockchain. The technology allows artists to track the usage and reap the rewards of their copyrighted material. Artists will be empowered to control where their content goes, how it is used and who uses it. ICST may solve the problem of media piracy once and for all.
ICST is also building a comprehensive review system with an analytics dashboard to allow copyright owners and consumers to track popular content. This data has typically been monopolised by distributors & record labels, meaning artists are bound to these corporate giants and their exorbitant fees.