Baidu, the technology behemoth, is all set to launch a rewards program for their blockchain project ‘Totem’. The company is set to unveil the program as well as the blockchain layout at a blockchain technology conference on 18th July 2018.
Totem works by utilizing existing blockchain technology to deal with the intellectual property of images. The company aims to make ownership of images and prevention of plagiarism much easier by implementing this system. The website states:
“The copyright information of the work is permanently written into the blockchain. Based on the credibility and incomprehensibility of the blockchain, combined with Baidu’s leading artificial intelligence technology, the dissemination of the work can be traceable, reprintable, monitorable, and change the copyright of traditional pictures.”
Totem uses blockchain technology to bring in more transparency for users so that acquiring image rights and licensing them becomes much simpler. The platform will use the Artificial Intelligence technology developed by Baidu to monitor any violations or infringements on the internet
The official website gives a description stating that:
“Totem conducts network infringement monitoring of original works, quickly produces visual data reports, and entrusts lawyers to initiate rights protection online,”
The Totem rewards system functions as an incentive mechanism on the platform and can perform functions such as user uploads. There are plans to expand its capabilities in the future by adding image transaction capabilities and similar functions. Photographers, designers and other authors are currently encouraged to submit an online application. Once their identities are verified, the authors can upload their works onto the Totem blockchain.
The idea for intellectual property rights management using blockchain technology is something that has been in the works for quite some time now, with several projects giving it a shot. In January 2018, Kodak had announced the launch of a blockchain platform called KODAKOne.
The platform which has a similar structure to that of Totem, allows photographers to upload their images onto the platform. Along with the platform the company also released its own cryptocurrency called KODAKCoin. The photographer can then license their images on the platform.
KodakOne’s official blog post states that:
“We believe that blockchain technology is the ideal way for photographers and agencies to store their image assets and associated metadata in a way that track ownership, rights and license transactions regardless of where those images are used and by whom.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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