Leading blockchain and cryptocurrency development company HashCash Consultants to extend its smart contract expertise to a top publisher. The USA based company is helping the publishing enterprise to streamline and authenticate its content copyright process through the implementation of smart contracts. The project aims at bringing more transparency into the process that will empower and ensure safety to both the company’s rights as a copyright holder as well as the content creator.
“Legal battles over copyright issues are rampant within the publishing industry, owing to the lacking infrastructure and dependency on manual documentation. Blockchain-based smart contract addresses the issue by delivering sustainable solutions in the form of transparency and immutability. It also eliminates the need for any manual documentation replacing the same with digital processes that can be authenticated and executed over a decentralized platform and traced in real-time”, commented Raj Chowdhury, CEO, HashCash Consultants.
In the publishing business, the publisher buys rights of the content from the creator and claims ownership of the same, while crediting the creator for the same. The copyright privilege allows the content creator to receive a royalty amount for each time that the content is used for commercial reasons.
However, the current system of achieving transparency of the owner’s rights and royalty payment is majorly flawed. There are minimal transparency and use of manual methods like documentation to authenticate the owner of the content rights. The same goes for the royalty distribution process royalty, as there is no proper protocol to ensure it gets distributed to people legally obliged for the same. This more than often leads to copyright disputes, that is both harassing for the publishers and the content creators.
That’s exactly what HashCash aims to address and solve by offering it’s smart contract development services to the publishing company. The company will provide a smart contract solution built on HC Net (HashCash blockchain network) to track and record of the ownership rights. This will ensure trust through the authentication of true ownership since any alteration of data will require a consensus from all parties involved in the contract. The immutability of blockchain will make sure that none of the data is tampered with.
With the automated execution of copyright smart contract, substantiation of ownership will ensure the automatic generation of royalty on time to the creator. Being executed on a blockchain platform, the transaction and records can be traced and viewed in real-time by all stakeholders. It will uphold absolute transparency of the entire process putting an end to copyright strife.