The internet is like a black hole, mysterious, unlimited and always surprising. With the advancements in technology, the internet has seen miles and miles of the future in the blink of an eye, and its actually very accessible for you, right at your home through a simple computer and an internet connection. Today, you post something on the internet, and tomorrow, you could be an internet sensation. But, there is a catch to this. Where the speed of publication and worldwide spread is fast, it often reaches to an extent where the original publisher fades away in the back and the publication spreads like wildfire without the name or details of the author or source. No one likes giving credit to anyone else for their own hard work.
Well, let’s say that you were to obtain a technology that is unprecedented – online licensing. It’s more like an online ownership for your publications and writings. How do we do this? If you’ve ever worked around Bitcoins, then you’ve heard of this word – Blockchain Technology. In Bitcoins, this is a system that helps you make online payments but just like the advancement in technology has broadened the internet, Blockchain will also start increasing its purposes soon.
Blockchain is a relevant solution to the problem of license management and sharing online. Through blockchain technology, financial markets now have the freedom of opening up multiple trades and business deals between partners, peers or with another party, without the use of a central body to govern and overlook the rules. Blockchain is a secure system that gives you the unlimited possibility of sharing your financial and business assets with someone online, without the fear of them or anyone stealing it. Goldman Sachs released a recent report that projected that the blockchain system could potentially save costs up to USD 2bn in USA only, with another USD 6bn around the globe for the financial markets.
The aim here is to form a blockchain system that can be used when publishing articles or information. It will be a platform where, all your writings can be timestamped with your name or information to make the document only belonging to you, but others can still read it. “Proof of Existence” was a form of the earliest uses of blockchain technology. This system uses a sort of back-end encrypted hash and syncs it with a blockchain on Bitcoin. The blockchain system will provide a decentralized platform where you can share your writings, documents and journals without the need of having someone or a body to mediate between you and the general public. It will put an end to piracy and you can share the licenses for your products commercially. The norm of today, for a vast population on earth, is acquiring pirated or stolen licenses, so the need for payment is skipped. Companies, who spend billions on licensing policy and security, incur huge damages due to these pirated versions of documents and other tools.
Think of blockchain as an online journal or diary of records. This journal has the whole record of all publications, their details like the author or publishers name, contact information, publication date and much more. This gives the owner/author/publisher to have full rights to this piece of document and all its associated works through the journal. While the words can still be copied, the author can claim copyrights and prove from the block height of the documents metadata that it belongs to him. This means that every time someone utilizes the license of a publication, it will be recorded in the journal, and can be seen by anyone and everyone who accesses it. The journal has complete history of all transactions or accesses made to this particular document in question. It is almost impossible to hack this system because every transaction or access has a unique encrypted number that has to be matched with the previous block to prove authenticity. This will minimize piracy to a large extent.
Blockchain technology is not only limited to just publications and documents. Anything that has requirements of licensing to prove its authenticity can use the blockchain system to reduce licensing costs and improve security by multiple folds. Software and smartphone applications are another technology that require licensing. Scammers and tech-thieves are always on the lookout to copy software, or use them without ever having to pay for it. Around 43% of the worldwide software usage is estimated to be through pirated version, according to Business Software Alliance. A projection of this usage is approximately USD 62bn. That’s an astonishing amount considering the numbers, and the level of players involved in the software industry.
The Blockchain system could move on to become a huge business opportunity for everyone around the world. The vast use of this system is very diverse and can be used in a lot of ways to benefit people. Blockchain has become a centralized system for everyone, that decentralizes a lot of systems. People trust the blockchain, and thus, advertising your product by saying its on the blockchain technology, will give you a good strategy for an online marketing campaign. And in turn, this will give you a good feedback and customer response due to the highly trusted system. Once commercial license sharing becomes a routine for a lot of companies and owners, people can easily develop new business strategies and business models for their startups, ideas and companies. The blockchain gives a high level security for ownership and authenticity, so big companies will be tempted to move to this platform to make as much money as possible, from their business and products, without having to fear piracy. It will be a new age of a blockchain-based world of markets.
Blockchain is constantly developing and it currently has no bounds or limits. It is being worked on, experimented and implemented on various platforms and styles. Blockchain could truly be the future of marketing and business, and the end to piracy one day. It has significantly proved itself to be a competent platform for business and dealings. This is why companies and organizations can now provide or share their commercial licenses without a lot of hassle, or without the fear of theft. A single platform, that is decentralized, secure and accessible for everyone, brings all parties on a common level to ensure a more smoother business model and plan.
Utron is new company which will focus on develop blockchain on legal issues and new business ideas. They believed that the applications on blockchain technology will be rapidly be used for license area.