Transcript By: Bryan Bishop
I am going to talk about rights systems. A system that lets us trade rights, like to make movie off of a character, off of the things that Disney makes whenever I buy toys for my two year-old son. This is used in intellectual property. Monegraph is known as the media rights blockchain-ish company. What we discovered about how to model rights, but why is it important, kind of extending and maybe contradicting the point further that the rights are not just the identity mapped to it in the blockchain, it’s just, in a lot of cases you are trading, selling or lending rights. So maybe the digital scarcity aspect of the bitcoin blockchain, could be a good way to think about whether other types of digital or physical assets could be represented using the graph of spends and tokens not just say hey I have a contract let me hash it, but actually trade some tokens on the blockchain to reflect the reality of those assets.
An artist creates some media. What you get is automatic copyright by law of the United States. That has nothing to do with the blockchain. You could hash the media and put it into the blockchain. That’s not rights. It’s just the thing itself. Let’s say you want to give a picture and license it like a stock image. What I’m creating is another right, an offer to license this media to other people. Whoever owns this license has a usage right. There’s tokens, records, and documents. What I can do is when Bob comes along and says I want to buy this license and acquire a non-trasnsferable usage rights, I can’t sell this stock photo to the next person, so I can only receive usage rights but not the right to resell this. This would be a royalty-free license.
Usage rights and resell rights can go directly to the end user. When that happens, payments can get split immediately.