How Can Blockchain Help in Monetizing Intellectual Property?

With the advent of the internet that made it possible for online data to flow freely from one part of the globe to another, content creators nowadays can have global audiences. Although the free flow of content has opened countless opportunities for content creators, it many times results in piracy and Copyright Infringement issues. That’s why content creators in the present digital era have a hard time monetizing their content even when they strive to prove ownership of the same. Nevertheless, continuous technological advancements have come up with technology like blockchain that can help creators to monetize their unique content, i.e., Intellectual Property (IP).

From novel music to artistic works and unique inventions, IP encompasses a wide range of things. The appropriate use and sale of these assets can let you make millions of dollars. On the other hand, it is quite easy to have these assets stolen and monetized without your consent or knowledge in the current age. Hence, there is a need for something that can assist you to extract benefits out of your IP without letting someone infringe on it. Blockchain is one of the safest sources to enjoy the profits of using your IP deprived of facing copyright infringement. So now, the question arises ‘how blockchain can help in monetizing IP?’

In What Ways can Blockchain Assist to Monetize IP?

In general, there are several ways in which the blockchain technology can enable you to monetize your IP. Nonetheless, the first and most efficient one is the use of smart contracts. Embedding smart contract to your IP will make blockchain technology to execute a license for its use. For instance, if you are a photographer, then blockchain will trigger the automatic payment in regards to the set terms every time people access your photos. The technology will also aid you in proper scaling of the compensations. If a large corporation, for example, uses your photos, the smart contract will scale the payment and make sure that you receive the correct compensation for your work.

Besides, blockchain facilitates you to bypass the middlemen, thus raising the revenue you generate from your content. Middlemen, like popular streaming platforms, perform a task of dictating the amount of money content creators generate from their work. The past years uncover a lot of cases where the middlemen held responsible for providing the content creators with revenue much lesser than they expected. With blockchain technology that provides the creators with a full charge of their content, they can easily get to decide what their art worth. It further allows universal cross-platform monetization of your data. In recent times when various platforms compete for domination and market share at the expense of content creators, this technology would let you earn more and more money, regardless of the platform through which viewers consume your content.

Apart from aiding you in making profits like earn more money and save financial resources on getting agents to manage your IP, blockchain technology also works to prohibit content piracy, one of the biggest challenges creators often encounter. The pirates could use the stolen, i.e., copied content as content distributors, and thus, get payments for its distribution. In this way, they can turn the profits or revenue that should reach you towards them. Undoubtedly, blockchain empowers you to keep your gains only to you by prohibiting infringers from violating your IP.

Final Thoughts

Although blockchain technology is the best way to monetize your IP, it demands efforts on your part to ensure the excellent possible outcomes. As the ability of this technology to monetize IP depends on the blockchain networks and elements you decide to use, it is crucial to be cautious while opting for the same. There are many sources available in the form of enterprises, departments, etc., that deal in rendering blockchain services to help you monetize your content without any hassle. So, why to take risks? With real-time transactions and low financial investment support of blockchain technology, enjoy monetizing your content effortlessly while keeping it safe against infringers. For more visit: https://www.trademarkmaldives.com