Daniel Zhai, COO of Blockchain startup INK Labs Foundation, has announced the Intellectual Property Assets Exchange which utilizes the Qtum Blockchain and will allow artists to both guard and earn revenue from their creative works.
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“[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,” said Zhai during a presentation at BlockShow Asia.
INK’s mission is to allow creatives to better safeguard, distribute, and be paid for their creations.
Blockchain technology provides a secure way for smaller creators to receive compensation without relying on a third party, such as a record or publishing company.
The company raised $65 Million during their ICO in November and is slated to launch by Q1 2018.