TALLINN, Estonia (CelebrityAccess) – Blockchain-powered music platform Soundeon has filed a nonprovisional utility patent with the United States Patent and Trademark Office (USPTO) for the Creative Smart ContractTM technology underlying its platform.
The patent-pending Creative Smart ContractTM environment provides novel systems and methods for intellectual property ownership rights management, funding, and ticketing on the blockchain and peer-to-peer.
If the patent is approved, the technology will give artists full control of their creative output from the very inception to the copyright, distribution, and royalty collection of their intellectual property works as well as event ticketing.
How you ask? Through the utilization of decentralized stores and a series of smart, self-executing contracts; collectively integrating a number of systems and methods into a single environment intended to vertically integrate the media rights management and ticketing industries.
Of the platform, Vladimir Avdeev, CVO of Soundeon said, “Our breakthrough technology encapsulates not only digital rights management but the entire life-cycle of an artist, including funding, IP marketplace, DRM, micro-payment channels and ticketing on the distributed ledger.”
He also points out that Soundeon’s holistic approach to utilizing blockchain and IPFS goes well beyond any of the patents filed by majors like Sony who have not yet begun to maximize the technology’s full potential in a truly impactful way.
So what does this all mean for artists? Well, if approved, the technology would technically give them the ability to self-manage their copyrights outside of the reach of the conventional music business.
For more information, visit: soundeon.com