Revelator launches Original Works, a blockchain solution for digital copyright to move music industry toward daily royalty payments.
Revelator Leverages Blockchain Technology to Enable Real-time Royalty Distribution, and Automate Financial Disclosures to Empower Music Professionals with Insightful Data, and Help Leading Independent Labels and Rights Owners Maximize and Distribute Earnings
Jerusalem, Israel (January 22, 2019) -- Revelator, a leader in multi-territorial rights administration announced today it is launching Original Works, the first financial protocol for digital copyright, enabling billions of dollars worth of creative assets to migrate to the blockchain.
Original Works aims to streamline the costly and time-consuming processes in royalty processing, and modernize an aging legacy copyright stack by encoding the economics of creative works administration into smart contracts.
The solution is designed to serve any creative industry where protecting copyrights and maximizing the value of IP presents a major opportunity, and where the creators are paid royalties from digital retail channels. Original Works’ initial focus is the music industry, where it aims to innovate in the area of faster royalty payments.
Within the music industry, where stakeholders can include songwriters, recording artists, producers, labels, distributors and more, the consumption of protected works and copyrights generate billions of micro-transactions aggregating to billions of dollars per month in royalties. Today’s royalty system is notoriously slow, and the calculations along the value chain are mostly manual.
“Today, we take the important first step towards the future of copyright, by introducing daily royalty payments. Original Works leverages data, machine learning and smart contracts to attribute royalties in near real-time, and pay directly to rights owners’ mobile wallets.”
In addition to instant payments, rights holders can access fast digital asset registration, transparent account reporting, and access a network of applications designed to transform the speed of business transactions. The Wallet will be unveiled at NY:LON Connect 2019 in London, UK.
Original Works is built on the Ethereum platform, leverages smart contracts and Revelator’s cloud data infrastructure. Its architecture bypasses the tradeoffs inherent in choosing between on-chain and off-chain approaches, bringing the best of two worlds in a scalable hybrid technology backbone for digital copyright.
Original Works intends to deploy its network in a phased manner, starting with 1M+ digital assets managed by the Revelator platform. When fully operational, Original Works is expected to encompass [............ industry’s major players]?
The scale, complexity and volume of digital copyright and royalties transactions makes this a perfect application for smart contracts, where the ownership, royalty collection and licensing rights can be handled in an efficient manner with embedded governance, compliance and transparency for IP holders. By deploying this on our Original Works Network, we believe this will empower creators and IP rights holders to thrive in the digital economy.
About Original Works
Established by Revelator, a market leader in multi-territorial IP rights administration, Original Works is a new trust protocol for blockchain-based distributed payments and tokenization of real-world creative assets, representing a turnkey solution for establishing value, legal control and monetization of digital copyright.
Original Works is designed to enable creators manage their creative works registration, achieve financial security and enable millions of stakeholders - co-creators, contributors, labels, publishers or distributors safely and efficiently participate in these creative assets.
Original Works is innovating in the royalty distribution space by driving the creative industry to near-real time daily payment cycles directly to rights holders’ digital wallets—representing a material improvement to the current industry’s royalty payment processes. Its smart contract-powered Wallet enables safe and secure storage of digital assets, the ability to send and receive funds 24/7, transfer IP rights and manage digital identity.
In the coming months, the company will be announcing strategic partnerships with global leaders in the creative industry. Watch this space!
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Revelator was founded in 2012 by music industry veteran Bruno Guez. Backed by a team of seasoned music industry and software development professionals, Revelator is a leading provider of copyright and data services for today’s digital music business.
Revelator’s cloud-native digital asset platform addresses the challenges of aggregating, processing, reporting and analyzing large volumes of data, and solves the problems of transparency in royalty distributions to copyright owners and creators across IP verticals. Revelator’s industry-leading end-to-end solutions, help enterprises generate more value from their data while enabling them to share access to data with rights owners in unprecedented transparent, and efficient ways in easy-to-use web and mobile applications.
Revelator’s suite of APIs power copyright businesses of all sizes from distributors to record labels, music publishers & collective rights organizations. To learn more, please visit www.revelator.com and follow Revelator on Twitter at @GetRevelator.