Web3 Based Digital Rights Management in the Music Industry
Name
3651655.3651667.pdf
Size
597.82 KB
Format
Adobe PDF
Checksum (MD5)
a55876b5039d5c81e2b8989f0160272d
Author(s)
Cherdakov, Mikhail
Kudashkin, Aleksey
Madhwal, Yash
Yanovich, Yury
Date Issued
December 15, 2023
Publisher
ACM|2023 6th International Conference on Blockchain Technology and Applications (ICBTA)
Citation
Cherdakov, Mikhail, Kudashkin, Aleksey, Madhwal, Yash and Yanovich, Yury. 2023. "Web3 Based Digital Rights Management in the Music Industry."
Version
Final published version
Abstract
The music industry faces numerous challenges regarding tracking and distributing royalties. This article explores how a decentralized and transparent system for managing music royalties can be created with a smart contract implementation on the Polygon network, utilizing Chainlink oracles. By enhancing the efficiency and transparency of royalty distribution, this groundbreaking smart contract has the potential to revolutionize the music industry and stand as a blueprint for diverse sectors grappling with analogous challenges in intellectual property rights and revenue allocation. At its core, this smart contract, functioning on the bedrock of blockchain, ensures meticulous oversight of financial transactions between consumers and content creators. It streamlines the process and facilitates the collection of user view statistics crucial for strategic fund allocation. With the potential impact of transaction fees on the user experience of blockchain payments, a new solution has been developed that includes a payment channel that reserves significant amounts of funds and enables off-chain payments through specialized messages. By combining these technological advancements, we are taking a transformative step towards a more seamless and fair future in the complex world of royalty management. The application is structured into conventional backend and frontend segments, with the code available on Github.
Description
ICBTA 2023, December 15–17, 2023, Xi’an, China
Terms of Use
Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1145/3651655.3651667
