Opportunities for the Creative Economy

Abstract

Blockchain technology creates a number of significant opportunities for the creative economy. Firstly, as regards ownership, blockchains have the potential to improve the process of attribution, allowing creators to receive credit for their work. This ownership information could also be stored in distributed, rather than centralised, databases, helping to provide a single source of truth for payments and licensing. Finally, a large number of parties could feasibly receive royalty payments—even for large-scale projects made up of creators who do not know or trust one another. Secondly, as regards smart, transparent payments and licensing , blockchains can automate royalty payments and licensing. These processes can also be made more transparent. Thirdly, blockchains offer increased control, allowing creators to set parameters for pricing and licensing their works, and for event promoters to set parameters for the re-sale of tickets. Fourthly, blockchains encourage new business models, with consumption data being used to benefit creators rather than intermediaries; cryptocollectibes resulting from digital scarcity; automated droit de suite payments; and properly designed tokens.