Blockchain technology is a relatively new concept and rapidly growing piece of foundational technology, like the internet. There is alot more to blockchain technology than just cryptocurrencies such as the popular Bitcoins and other financial technologies.
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The main question is: what is Blockchain?
A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).
So, what is so special about it? The blockchain network has no central authority, it is the very definition of a democratized system. The information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions. It carries no cost of transaction it is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner.
One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible.
The blockchain gives internet users the ability to create value and authenticates digital information and with this current development, it has encouraged the application of Smart contracts i.e contracts that are automated contracts and self-executing with specific instructions written on its code which get executed when certain conditions are made.
The question now is how can this technology protect intellectual property?
Simply put, intellectual property is reserved for types of property that results from creations of the human mind, the intellect. From the above explanation of smart contracts, its application can protect copyright and automate the sale of creative works online thus eliminating the risk of file copying and redistribution.
It is no longer a news that digital information can be infinitely reproduced and distributed widely thanks to the internet but this access has given web users globally a goldmine of free content. However, copyright holders have not been so lucky, losing control over their intellectual property and suffering financially as a consequence.
To go on further, Blockchain may make selling recorded music profitable again for artists by cutting out music companies and distributors like Apple or Spotify. The music you buy could even be encoded in the blockchain itself, making it a cloud archive for any song purchased. Because the amounts charged can be so small, subscription and streaming services will become irrelevant.
Ebooks could be fitted with blockchain code. Instead of Amazon taking a cut, and the credit card company earning money on the sale, the books would circulate in encoded form and a successful blockchain transaction would transfer money to the author and unlock the book.
Transfer all the money to the author, not just meager royalties.
Today on Blockchain.
Written by Adesuyi Daramola Esq
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