Soundeon’s recent filing of a patent technology will supposedly make the project appear as a “technological maverick” within the music and intellectual property management industries.
Soundeon, the first ever decentralized platform dedicated for music, has been making continuous efforts to stand out, as the developers have filed a nonprovisional utility patent with the US Patent and Trademark Office (USPTO) on April 27th, 2018. This decision was done for the supposed, Creative Smart Contract technology underlying the platform.
According to the claims made, the Creative Smart Contract is one of their approaches towards dealing with problems like the lack of funding mechanisms, limited opportunities and music rights, non-transparency and poor connection between music and live event ticketing.
If the patent is successful, then users will be potentially provided with innovative systems and intellectual property ownership rights, efficient, peer-to-peer funding and ticketing, and increased control for artists over their music.
The automation involved in the patent-pending technology can reduce transaction issues and fees for intellectual property management purposes. The notion of decentralized stores and smart contacts are what contribute towards the creation of a single environment for media rights and ticketing industries – and is the power blockchain is now giving everyone.
The usefulness of this respective technology is that it can be implemented in all types of intellectual property!
Users can be relieved with this news, as the Creative Smart Contract technology will be protected by the law to ensure transparency is not a concern, as well as maximizing fairness in the music industry.
The CVO of Soundeon, Vladimir Avdeev strongly supports the technology used, as he believes it to be a holistic approach of using blockchain technology. Furthermore, he believes that it can help artists expand and have better control over what he or she rightfully owns.
Avdeev quoted the following, “Our breakthrough technology encapsulates not only for digital rights management, but the entire-cycle of an artist, including funding, marketplace, DRM, micro-payment channels and ticking on the distributed ledger.”