At this point it's obvious blockchain has an insane amount of useful scenarios.
What do you think it is about blockchain that makes it ideal for for a stock photo platform?
I'm still interested in learning more about the teams thoughts on this.
Sorry for late reply, but thank you for the question.
So the most prominent thing about blockchain is that it allows transactions to be peer to peer. The problem with current stock photography platforms is that by uploading a photo to them, you are in fact giving your right of ownership over to them and then they have the rights to sell at their own price, decide on licensing type etc... With our p2p platform you keep the ownership of your own images, thus being able to set your own pricing and your own licensing type.
Also blockchain allows speed of payment. In many existing platforms, you are paid once per month for all the licenses sold during the month. But why? Again this comes down to you no longer having ownership, so you are in fact invoicing the stock photography platform for a royalty fee. Blockchain allows instant payments in a matter of seconds.
Blockchain also allows better copyright protection services. In current stock photography platforms, a manual team of people and compare if photos are copies of each other. However, this is time consuming and expensive. Blockchain allows each uploaded image to be analysed and compared to each other image in the decentralized database in a few moments to check for copyright infringement. A decentralized digital chain of ownership is maintained and therefore any image uploaded not by the indicated owner is immediately known.
All this improvement in services is what allows fees charged to photographers to be reduced from as much as 90% down to as little as 5%. Blockchain essentially automises, transfers data more efficiently and helps keep track of ownership much more effectively than existing systems can.
