FEED Issue 15

45 ROUND TABLE Blockchain

have the most widespread impact. Security tokens can represent ownership of assets such as real estate, companies, machinery etc. They have the potential to democratise investing by bringing down fees and making assets much more ‘liquid’ and more easily tradeable. For the media sector, blockchain could help get rid of intermediaries in content distribution and advertising, which could lead to more transparency, faster processes and more value at the ‘edges’ of the network for content creators, advertisers and consumers. JOE NAYLOR: This question goes to the root of the problem with the blockchain space – a new technology looking for problems to solve. The blockchain essentially provides notary services in an automated way, and thus is cheaper than old-school notary services. As such, it might be used as a low-cost alternative to traditional copyright registrations. However, for that to be of any value, government bodies such as the United States Copyright Office would have to be part of that solution so that it would carry legal weight within the courts. MARIA TANJALA: A big challenge is how to best deal with and remunerate creatives for user-generated content. Users create a lot of content that is widely promoted on the platforms or services we use every day, but they get nothing in return. Creating a fair ecosystem with clear governanceis is where we believe blockchain-based solutions will make a great impact. RIGHTS HOLDERS ARE KEEN TO ACCESS MORE DATA AND TRANSPARENCY, SOMANY OF THEM ARE READY TO GIVE TECHNOLOGIES A TRY

that our industry is ripe for disruption, we acknowledge that it’s a leap of faith from manual jobs overseen by people to trusting in a code. At the same time, rights holders are keen to access more data and transparency, so many of them are ready to give technologies a try. We currently develop on a private Ethereum blockchain, but public blockchains come with risks such as the loss of wallet keys, and there’s a level of education people need to acquire in order to be on top of all the aspects. FEED: What kinds of new services could blockchain technology enable? CLIFF FLUET: We’re at the foothills of our understanding of the technology right now. With its combined power for asset transfers, as a trust enabler and with smart contracts, the best is yet to come.

best practices that nevertheless fulfil the requirements of the GDPR. JOE NAYLOR: Blockchain technology is only useful to prevent others from misrepresenting or fabricating the history of a shared timeline of events or files. This does not guarantee completeness as participants can refuse to inscribe some events, which can lead to a split of the community. Blockchains are only tamper-proof as long as the community is financially invested in consensus.

COLLIN MÜLLER: In the near future, so-called security tokens will probably

MARIA TANJALA: Although we believe

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