Copyright management is a relatively new domain for blockchain adoption. Algorand is partnering with Italian copyright management agency Società Italiana degli Autori ed Editori (SIAE) to build a unique blockchain platform that manages the author rights with higher efficiency and complete transparency. In its latest announcement, Algorand commenced a brand new blockchain project with the SIAE organization. This project will improve the organizations’ capabilities in protecting the rights of their members, which are esteemed authors and editors from Italy.
With this collaboration, Algorand will provide its advanced blockchain expertise and create a platform that converts SIAE authors’ rights into digital assets. After this conversion, all authors’ rights will be managed by the platform digitally. This project aims to help SIAE keep track of these authorship rights and create a digital management system for them.
Digitalization of 139-year-old Legacy
SIAE is Italy’s largest copyright management agency exclusively built for published authors and editors of the country. The organization started its work in 1882 and currently holds the authorship records for nearly 139 years. Converting such a vast and prestigious legacy of author rights is a challenge for Algorand. By helping a leader protect the author rights, Algorand opens doors to new applications of its blockchain platform. This project aims to support SIAE in spearheading copyright battles across the world. It will help them create trackable and transparent data for resolving legal concerns on the authors’ rights.
With Algorand’s blockchain support, SIAE will replace its conventional copyright management system with blockchain technology. This project also leverages Algorand’s blockchain technology to develop a first-of-its-kind platform that efficiently manages authors’ and editors’ rights. One of the main highlights of this project is the use of advanced data protection features from Algorand’s blockchain platform for improving the security of SIAE copyright data management.
Algorand Blockchain to Improve SIAE Copyright Management
Algorand spearheads this project by accelerating the convergence of author rights into digital assets such as Non-fungible tokens (NFTs). This project marks one of the few attempts of Algorand beyond the decentralized finance (DeFi) domain. A key milestone that this project recently achieved is the conversion of over 4.5 million rights into digital NFTs in less than a week. The blockchain-based platform enabled Algorand to convert over 4.5 million NFTs in just one week. Therefore, it has impacted the digital protection of more than 95,000 members of the SIAE organization.
Here are the key milestones that Algorand aims to achieve with this project:
- Creating a long-term partnership with SIAE, one of the world’s biggest copyright management companies.
- Building Algorand’s blockchain as a preferred choice for such novel projects.
- Converting millions of author rights in NFTs per week.
- Capturing the 139 years of legacy data from the copyright management company without any discrepancies.
- Establishing a secure and frictionless system for data transactions to help SIAE in its managerial capabilities.
By introducing NFTs in the mainstream business domain, Algorand also aims to uptick its $ALGO tokens’ growth. Currently, this project will process the transactional fees of SIAE’s NFTs via $ALGO tokens. It will cost 0.001 of $ALGO fees per transaction. This decentralization will empower Algorand’s DeFi and NFT projects, creating a stable market for $ALGO tokens. In the coming months, this blockchain system will be designed with the vision of true and open decentralization. Algorand will help SIAE transfer the rights directly to the right-holders, which is more efficient for the copyright protection agency.