Societa Italiana degli Autori ed Editori (SIAE) Launches 4 Million NFTs On Algorand.
In a significant development for SIAE and Algorand, the former has launched over 4 million NFTs on the Algorand blockchain. This is the first significant announcement of a project milestone that SIAE and Algorand are working on to create an open, blockchain-based platform that allows the efficient management of authors’ rights transparently.
Algorand and SIAE have been collaborating since 2019; this is the first time copyrights are represented as digital assets. SIAE, an organization that is 137 years old and is among the leading copyright collectives in the world. SIAE has been exploring blockchain technology and had previously explored a partnership with blockchain startup Core and the La Sapienza University of Rome.
SIAE, through its partnership with Algorand, hopes to leverage the platform’s recent protocol upgrades, allowing artists, musicians, and other creators to gain complete transparency. When someone is using an artist’s work, the platform will keep track of the royalties they should receive and ensure that they receive them.
According to SIAE General Manager Gaetano Blandini, “Our collaboration with Algorand is part of a process already started and is aligned with research and innovation on a national and global scale.” Silvio Micali, the founder of Algorand, commenting on Algorand’s partnership with SIAE, stated, “Collaboration between technology providers and forward-thinking organizations such as SIAE opens up vast opportunities for progression towards new economic models that promote inclusivity, transparency, and frictionless transactions.”
Rights are becoming digital assets.
Last week, SIAE launched over 4 million NFTs to represent over 95,000 SIAE members’ rights digitally. What are NFTs? NFTs are unique, non-exchangeable items that reside on the blockchain. SIAE and Algorand plan to use NFTs to represent the rights of SIAE members. Both platforms believe that digitizing members’ rights on the blockchain is the first step towards building an infrastructure to protect artists, authors, and musicians’ rights.
Algorand and SIAE both believe that the creation of these assets is only the first step towards even more ambitious plans that involve allowing more transparent and efficient management of the rights. The project hopes to change the role of intermediaries in the content and rights management ecosystem. SIAE hopes to be able to facilitate a smooth transition to blockchain-based platforms and transform business models for other intermediaries in the rights management and content space.
Understanding The Collaboration Between Algorand And SIAE A Little Better.
SIAE’s project started in Italy but has the potential for global adoption. Copyright management is a worldwide issue, which is why blockchain-based solutions, which are scalable, are perfect for them. Blockchain has long been seen as the perfect match in the fight to protect intellectual property rights, thanks to its transparent and incorruptible nature.
How can blockchain help protect intellectual property rights? Blockchains can decentralize the sharing of data on the basis of mutual trust. It can also break down data silos, reducing the risk of hacking. Thanks to blockchain technology, each copyrighted work can be assigned to a unique identifier, allowing royalty payments to be sent directly to the artist.
Silvio Micali, the Turing award winner and founder of Algorand, had this to say about SIAE’s project, “SIAE has brought an ambitious project to life, where transparency and simplicity in data management are becoming a new reality for their industry.”
SIAE was founded in Milan in 1882 and is a public economic institution and membership base that manages copyrights. SIAE releases 1.2 million licenses allowing the use of works that are protected by the society. It also guarantees payments to the owners and creators of the works it protects. SIAE also contributes significantly towards the Italian cultural and creative industry for several initiatives.
Algorand is a decentralized cryptocurrency and smart contract platform. The platform was founded by Turing award-winning professor Silvio Micali and has the backing of a strong team and investors.
Algorand’s unique Pure Proof-of-Stake (PPoS) consensus mechanism allows Algorand to confirm transactions in seconds, allowing transactions to achieve finality instantly. Algorand also offers users smart contracts and atomic transfers in Layer 1.
Algorand has solved the blockchain trilemma, succeeding where other platforms have failed. It offers scalability, security, and decentralization, thanks to its unique Pure Proof-of-Stake consensus mechanism.
Algorand’s blockchain has several advantages over other blockchains.
- Algorand’s blockchain has almost zero probability of forking.
- Token holders can vote on changes and actions on the Algorand platform thanks to the platform’s built-in governance system.
- Algorand delivers near-instant finality. Once a block has been added to the blockchain, it cannot be modified in any way.