Algorand, a leading blockchain platform, has announced its new project to create a blockchain-based open platform that allows transparent and efficient management of authors’ rights. By partnering with Società Italiana degli Autori ed Editori (SIAE), Algorand is promoting blockchain adoption to create an effective copyright management platform. SIAE is Italy’s premier copyright management agency for authors and editors. The two organizations have been working together since 2019, and copyrights for the first time are represented as digital assets.
With the commencement of this project, Algorand is focusing on increasing the efficiency and transparency of SIAE in the management of authors’ rights. It is also embarking on a brand new blockchain project, which is completely out of the decentralized finance domain. The SIAE organization will be actively collaborating with Algorand on this project, protecting the rights of its member authors with blockchain.
Managing 139-year-old Author Rights on Blockchain
This project is a key milestone for Algorand, particularly due to the rich history that SIAE has. Being the largest copyright management agency in Italy, SIAE exclusively deals with the rights of the country’s published authors and editors. As an organization, SIAE started its work in 1882. It is currently representing the authorship records for nearly 139 years.
For Algorand, bringing this vast database on the blockchain is a key challenge. However, the capabilities of Algorand’s top-end blockchain platform are making this convergence easy. Converting this prestigious legacy into the digital landscape is a key priority for SIAE. The agency wants to update its conventional management system with the latest in data protection. To protect the authors’ rights, SIAE is enabling Algorand to create a transparent blockchain platform.
This project not only supports SIAE in its copyright battles but also helps Algorand in creating a new solution on blockchain-based copyright management.
Digitalization of SIAE Author Rights
During this collaboration, Algorand will create unique digital assets that represent the rights of each author associated with SIAE. As a first step, it aims to convert each right into a digital non-fungible token (NFT). It will allow SIAE to become more transparent and efficient in its copyright management activities. Authors and right-holders will also witness an overall improvement, from owning the rights to managing them on their own.
Protecting the royalties of SIAE authors is a key priority in the future of blockchain intermediary systems. Through blockchain technology, Algorand will establish an excellent ecosystem where content and rights management are properly handled on the blockchain. Algorand will also facilitate the SIAE authors in their transition by providing them access to the new blockchain-based platform. The platform will be built to survive changing business models, giving SIAE complete control over its rights and content management operations in the future.
Algorand to Convert Author Rights into NFTs
A major part of the project is convergence. Algorand needs to encapsulate the 139-year-old database on copyrights and convert it into digital assets. In the past week, Algorand showcased its advanced blockchain capabilities by converting nearly 4.5 million rights into digital NFTs. Achieving this milestone in less than a week has demonstrated Algorand’s potential for future projects.
Main Highlights of The Current Project
Algorand and SIAE are aiming to achieve the following with this project:
- Create a stable blockchain platform for SIAE, one of the largest copyright management companies in the world.
- Develop Algorand’s blockchain ecosystem around copyright management projects.
- Transform author rights and copyright content into digital assets such as NFTs.
- Record the century-old legacy data from SIAE and enable its smooth transition on the blockchain.
By introducing these NFTs, Algorand also aims to drive the value of its $ALGO token, which will be used for transactional fees in this project. It will cost SIAE members 0.001 of $ALGO tokens as fees per transaction. This new blockchain-based platform is set to enable the digital protection of more than 95,000 authors, who are active members of the SIAE organization.
