SHANGHAI, April 29, 2018 /PRNewswire/ -- The 18th World Intellectual Property Day occurred on April 26, 2018 and the advent of the Internet as the primary mechanism for communication and commerce has seen a resulting change in intellectual property (IP) rights. Despite the fact innovation continues to grow at an exponential rate, the Internet has been affected by the issue of infringement. Tremendous consumption and the resulting expenses have culminated in an inefficient mechanism for the safeguarding of the rights and interests of creators.
In this context, WE Copyright Chain (WECC) based on blockchain technology was launched by WE COPYRIGHT CHAIN FOUNDATION LTD. This blockchain project dedicates itself to making the Chinese market accountable by developing an optimal copyright authorization center. The intention of the project is to promote economic development by incentivizing individuals to penetrate the Chinese market whilst guaranteeing the protection of their copyright.
This platform uses the blockchain as its technical foundation along with tampering proofing, irreversibility, reliability, dependability, distribution, openness, and transparency. In addition, it incorporates multiple nodes for composition, adopts consensus algorithms between nodes and nodes to ensure consistency. This resolves the issue of the convoluted problem whilst incorporating the advantages of numerous characteristics. It also takes advantage of a series of characteristics such as "once the record is completed, it will always exist and cannot be changed" to realize the authentication and protection of IP rights. By extension, this provides guarantees for the cultivation and commercial exchange of IP content in the future.
As the project leader, the CEO of WE Copyright Chain (WECC) Paul Pan said, "it is our hope that this project will eventually ensure the ability of domestic copyright to be exported whilst foreign copyright can be imported. Equally, it will provide for the digital certification of IP assets, provide a standardized service for the copyright industry, and eventually form a normalized ecology of copyright protection."
From a global perspective, the most pertinent aspect in the industry has been how to reduce the time taken between licensing and development. The prevalence of IP and the value it can generate for entities and individuals make this an important issue.
The application of blockchain technology will enable WECC to establish China's own LIMA. This means the Chinese market will have its own optimal copyright authorization center. Many people consider blockchain to be a revolutionary model yet WECC perceives its application as a fundamental one. WECC does not exist to ensure people can extract maximum value form their IP but rather to take advantage of the decentralization and disintermediation of blockchain to return value to the copyright itself."
When questioned about the significance of this project in the development of the industry as a whole, Paul noted he believed WECC would have a significant influence on intellectual property yet this would occur with little to no fanfare. "The application of blockchain will take several years to develop and the process of uptake will be gradual by the public. However, more people in the industry are become more amenable to the concept we have created. The WECC project will realize its value in the entire industry when IP pricing filters into the industrial chain."
About WECC WE copyright chain is an IP business development and ecological platform based on blockchain technology and big data. The application of these technologies enables the company to ascertain the true commercial value of IP. WE copyright chain will establish a new IP industry standardization process and trading system premised on the technical feature of blockchain (SaaS+exchange+copyright DApp). The global copyright blockchain alliance connects enterprises specializing in the creation, application and operation of copyrightable content copyright application and copyright operation along with a group of renowned authors. By creating a global alliance with the vision of a united goal, each party devotes itself to accumulating a decentralized world of blockchain copyright.