At the international event BlockShow Asia chief operating officer of blockchain startup Labs INK Foundation Daniel Zhai presented exchange of intellectual property assets, built on the blockchain Qtum. The platform will help artists to protect their creative works and receive compensation.
In the presentation Zhai reported that the current global yield of the creative industries is $2.25 trillion, and the market capitalization of bitcoin of $260 billion INK intends to implement blockchain technology in the creative industry to make the content development process are safer and healthier for the creators themselves.
Speaking about the current state of the creative industry in the Internet era, Zhai said:
“The Internet has revolutionized the creative industry…but the pattern is broken…If you wrote a song, and someone listened and copied it. Thus, in the Internet there are various violations. So, the creators of the original content can not claim what is rightfully theirs”.
Providing distribution network, supporting the ownership right to copyright, platform INK will help creative people to protect, distribute, and receive remuneration for their work. The nature of the blockchain technology with peer-to-peer networks (P2P) allows artists to be compensated for their creations from supporters and fans, regardless of a third party, for example, a sound recording or publishing company.
The INK platform helps artists to protect and monetize their own projects or creative work through tokenization. Thus the creative works become asset, which invests the public. Team INK creates tokens and develops the technical detail to creative people could continue to focus on their work.
As a result of the presentation on the BlockShow Asia, INK company raised $65 million during its ICO in November and is planning the initial launch in the 1st quarter of 2018.