Blockchain Will Fulfill the Broken Promise of the Internet For Creatives, Says INK COO
In a presentation at BlockShow Asia, Daniel Zhai, COO of Blockchain startup INK Labs Foundation, introduced the company’s Intellectual Property Assets Exchange built on the Qtum Blockchain. The platform will help artists both protect and monetize their creative works.
According to Zhai’s presentation, current global creative industries revenue is at $2.25 tln market cap, while Bitcoin is currently under $260 bln. INK is seeking to bring Blockchain technology into the creative industry to make content production more secure and beneficial to the creators themselves.
Speaking about the current state of the creative industry in the Internet age, Zhai stated:
“[The] Internet did revolutionize the creative industry…but the pattern is broken…If you wrote a song and somebody listened to your song and…they copy it. So there are various acts of infringement happening on the Internet. So, original content creators, they can’t claim what is theirs by right.”
By providing a distribution network that maintains copyright ownership, INK’s platform will allow artists to both better protect, distribute, and be rewarded for their work. The peer-to-peer (P2P) nature of Blockchain technology lets lesser known artists be compensated for their creations by their supporters and fans, without depending on a third party, like a record or publishing company.
The INK platform allows artists to protect and monetize their project or creative endeavor via tokenization, transforming each work of art into an asset in which the public can invest. INK’s team create the tokens and handle the technical details so that artists can continue to focus on their work.
According to the company’s presentation at BlockShow Asia, INK already raised $65 mln during their ICO in November and plans to hold their first system launch by Q1 2018.
BlockShow Asia is an international event with more than 1,500 attendees in the tech, finance, and Blockchain industries, dedicated to showcasing and supporting innovations in Blockchain technology.