SIAE Partners with Algorand for copyright management on Blockchain
By Inkarias - 2019-12-08
The SIAE (Italian Society of Authors and Publishers) shared a new partnership with a well known actor in the crypto sphere, Algorand, to bring an efficient management of copyright on Blockchain. Founded in Milan in 1882, SIAE is a public economic institution and membership base for the management of copyright, ranked sixth in the world ranking of companies collecting. Every year SIAE releases more than 1.2 million of licenses for the use of works protected by it, guaranteeing payment to authors and publishers the right compensation for their work.
The Italian company for collective copyright management will be partnering with Algorand for the development of a new open ecosystem for copyright management based on Algorand’s recently launched, high performance blockchain platform. SIAE had previously initiated the project with the support of La Sapienza University of Rome and the startup Blockchain Core, relying on Hyperledger. SIAE has now decided to focus on the Algorand platform due to the fact that it is decentralized by design and has high performance compared to existing competitors.
"Collaboration between technology providers and forward-thinking organizations such as SIAE opens up vast opportunities for progression towards new economic models that promote inclusivity, transparency, and frictionless transactions," said Professor Silvio Micali, Turing award winner and founder of Algorand project.
Algorand uses a pure proof-of-stake (PPoS) protocol that guarantees decentralization, scalability and security, making it particularly suitable for reliable management of all metadata and transactions necessary for proper rights management. Both Algorand and SIAE are aware that, in the very near future, copyright management will use blockchain technology for its important need. Their collaboration will allow the evolution and strengthening of tools and services for copyright management to create new open and accessible solutions, further improving efficiency and intermediation activity for all investors and companies within the crypto world.