Royalty Management System for Digital Arts – Hacker Noon

Solution

An asset is anything that has a value. Drawing analogous relationship, I got an idea that if we have an image format with which we have the Artist’s name and we save the author’s name to a Blockchain. Since, we have the name saved on a Blockchain the artist’s ownership on the artwork is permanent.

Now, a person “A” who is trying to modify the image will have his name under Last edited by.

All this is fine, but how can we ensure that the original artist gets his royalty for his art. Here is where smart contracts come into play.

Let us say that “A” sells the art for 10$, then we can have the smart contract( Contract code needs to be embedded in the proposed image format) that will automatically transfer 1$ ( Royalty) to the original artist’s account. This ensures the original creator gets his royalty. The information of the original artist can be retrieved from the blockchain on which the artist’s name is saved(as explained above).

By this ownership and royalty problem can be solved with the help of Blockchain.

I strongly feel that such use-cases of blockchain can solve the Matthew effect i.e “The rich get richer and the poor get poorer” phenomenon.

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