Music on the Blockchain? Sony Develops Rights Management Solution Using Blockchain Tech

Sony Music Entertainment (Japan) Inc. and Sony Global Education yesterday (Oct 15th) unveiled a new rights management system for digital content using blockchain technology. The new system is based on Sony’s earlier developed solution which had a patent filed for it in April. Its use cases include authenticating, sharing and rights management of educational data. Broader areas such as music, e-books, VR content and films can also be managed.

Trailblazing Solution

Blockchains create networks where programs and information can be shared but are difficult to alter or destroy. This technology is used in public P2P network transactions - with cryptocurrencies such as bitcoin dominating their use today. This same framework is now being applied for the first time by Sony in the field of data rights management for a vast range of digital content types and formats in a way that enables secure validation and ownership of digital assets.

An excerpt from the announcement reads:

This newly-developed system is specialized for managing rights-related information of written works, with features for demonstrating the date and time that electronic data was created, leveraging the properties of blockchains to record verifiable information in a difficult to falsify way, and identifying previously recorded works, allowing participants to share and verify when a piece of electronic data was created and by whom. In addition to the creation of electronic data, booting up this system will automatically verify the rights generation of a piece of written works, which has conventionally proven difficult.

How it Works

Technology has made it relatively easy for anyone to share content but management of content is mostly done using conventional means. Organizations or content creators have to do this themselves, hence the need for a more efficient approach for managing copyright-related content.

According to Sony, the newly introduced solution using blockchain technology, has features that make it difficult to alter rights-related information, reveal the date and time a particular content was created and makes it possible for participants to verify the source and time of creation of content. Booting up the system automatically verifies the rights generation of the content.

Sony Global Education has also hinted at a likely commercialization of the newly developed solution, while the Sony Group is also considering new ways to make use of blockchain technology for information management and data distribution in a host of different fields.

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.