Digital assets rights management through smart legal contracts and smart contracts

Abstract

Intellectual property rights (IPR) management needs to evolve in a digital world where not only companies but also many independent content creators contribute to our culture with their art, music, and videos. In this respect, blockchain has recently emerged as a promising infrastructure, providing a trustworthy and immutable environment through the use of smart contracts, which may enable more agile management of digital rights and streamline royalty payments. However, no widespread consensus has been reached on the ability of this technology to adequately manage and transfer IPR. This paper presents an innovative approach to digital rights management developed within the scope of an international research endeavour co-financed by the European Commission named MediaVerse. The approach proposes the combined usage of smart legal contracts and blockchain smart contracts to take care of the legally binding contractual aspects of IPR and, at the same time, the need for notarization, rights transfer, and royalty payments. The work being conducted represents a contribution to advancing the current literature on IPR management that may lead to an improved and fairer monetization process for content creators as a means of individual empowerment.