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April 13, 2018, 02:31:07 PM |
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In the stock photography industry, photographers are often paid less than 25% of the revenue of their sold works, and usually have to wait weeks to receive their relatively small cut. They are also unable to set their own pricing, and are locked into agreements that may not fit their needs. Copyright issues are rampant and if you are unlucky enough to be caught up in a claim, a resolution may take weeks.
The good news however, blockchain technology can change all this. Blockchain allows the creation of a decentralized and democratic marketplace for the fair buying and selling of photography. A decentralized marketplace connects buyers directly to the sellers, where their own prices can be set. Photographers deserve much more freedom to sell their works on their own terms, as they are the ones who know the value of their work best.
Transactions also can happen in seconds, far outpacing the weeks and months other photography marketplaces take to pay creators. Photographers take home 95% of their works’ earnings, as smart contracts verify and validate each transaction, thus removing expensive middlemen.
In the fight against copyright, blockchain based hashes of photographs can be used to link a photo to its rightful owner. For a photography purchase, the shared license means that the hash is linked to the legal buyers as well as the owner. This link exists permanently in the blockchain and leaves a trail of ownership for every single photo that moves through the platform - so that illegal use of an image is easily traceable. Furthermore each uploaded image can be scanned against the existing database of photography hashes for copyright infringement also.
Photochain has proven that it can deliver on the technical approach needed for such a challenge, with an award winning DEMO built on the Ethereum Testnet with IPFS integration. You can learn more at photochain.io. ICO now open.
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