Siae and Algorand announce the achievement of a first important step in the wider project to create an open platform based on blockchain technology that allows authors’ rights to be managed transparently and efficiently. The partnership between the two companies was signed in 2019, and after months of long work, the first tangible results have come: for the first time, copyrights are represented as digital assets. This week, in fact, more than 4,000,000 NFTs (Non Fungible Tokens) have been created that will digitally represent the rights of the more than 95,000 authors associated with Siae. Non-fungible tokens (NFT), a digital asset registered on the blockchain, will therefore be used for the first time to represent the rights of the authors registered with Siae. A decentralized and transparent public register that represents them is the first brick necessary to build an open infrastructure that fully protects copyright, as envisaged for the future in Siae’s vision.
“Guaranteeing the protection of creativity has been Siae’s mission for 139 years and this project demonstrates that our goal is to continue guaranteeing it for the next 139 years” said Gaetano Blandini, Siae General Manager. “We are not interested in building technological infrastructures from which to generate profit, our goal has been and always will be to create added value for our members. This is why we can allow ourselves to talk about open infrastructures and make all our know-how available to the community. how. Blockchain technology is certainly an interesting trend to continue to be explored for its characteristics of transparency and efficiency, fundamental for those who, like us, manage the proceeds of the hard work of others “. The creation of these assets represents the first step towards more ambitious goals for the Company, which will allow a much more transparent and efficient management of the rights themselves, in their journey between those who benefit from the right (those who listen to music, for example) and those who benefit from it. lives (the author). In the future, the role of intermediaries in the ecosystem of content and rights brokerage will radically change. SIAE, thanks to its ‘belonging to the authors’ and its non-profit making, can and wants to facilitate the transition towards this new paradigm in which certainly many other intermediaries in the supply chain of rights and contents will see business models change constantly. faster and deeper.
The project started in Italy has all the numbers to become international. The management of copyright is in fact a global issue and solutions based on blockchain technology are scalable by definition. To reach a result for the benefit of all, an extended adoption – in a first phase – by all collective management companies at a global level will be required, and for this reason SIAE intends to share its project results in an open perspective. . In this way, we would quickly arrive at a truly decentralized management of these metadata, which are fundamental for a correct and transparent management of rights. The system is also already designed – with a view to true open decentralization – to be able to transfer the management directly to those entitled, who will therefore be able to manage the metadata relating to their rights. “Siae has given life to an ambitious project, where transparency and simplicity in data management are becoming a new reality for their sector”, said Professor Silvio Micali, Turing Prize winner, professor of MIT and founder of Algorand . “Siae is a forward-looking organization that will open up new opportunities, creating the foundations for new business models. I am thrilled to have Siae as part of the Algorand ecosystem, confirming the scalability, efficiency and security of the Algorand blockchain.”