Blockchain offers rights management from creation to commercialization.
In today’s knowledge economy, an increasing share of business value is derived via intangible assets; thus, success often depends upon the ability to manage and exploit intellectual property (IP). For that reason, companies require managers to effectively acquire, govern and commercialize copyright-and patent-protected content.
The introduction of new blockchain-enabled tools to represent unique assets and to manage the development and payments for IP, will drive innovation across the value chain. By building blockchains that allow users to store and transact IP, business leaders will leverage these platforms to enhance and protect their most valuable resources. Content producers, owners of IP, distribution partners and end consumers all stand to benefit.
The changing business landscape
Businesses that rely on IP-protected material (e.g., media, advertising or software) to create value are confronting two major forces that pose several key challenges.
Internally, unsynchronized IT systems do not enable data to flow, creating friction to locate and comply with copyrights under control. Businesses are also challenged to properly apply attribution and cost compensation to responsible parties, including operating units and individual creators. At time of settlement or exercise of IP, mismatches lead to manual investigation and reconciliation. Consequently, managers can’t track and forecast against reliable targets because information is not validated and available in real-time.
Externally, firms operate in more complex and diverse business networks than ever before. The growing number of partners at every step of the value chain, as well as the multiple uses for a single IP asset, means there is increased demand on firms to integrate operations and manage multiple data feeds. Thus, businesses incur high costs to connect with partners and face restrictions in developing their business and operational strategy.