2018 has not been easy for supporters of cryptocurrency. Even those who have not suffered the tremendous losses that come with the big bear market of this year must be privy to some of the damaging news coming out of mass media regarding cryptocurrencies and the expanding crypto space. Scams are everywhere, regulators continue to add to the confusion, and moves by big names in crypto have stirred up trouble in recent months.
But even considering all the bad, it is sometimes important to remember that cryptocurrency markets have yielded significant development of one of the most important fintech advancements in the past decade: blockchain technology. Blockchain has always been hailed as an incredible innovation. At its core, blockchain is simply a distributed ledger used to store and transmit data. Its first applications were primarily based around its original purpose, to hold and move financial information and transaction data across its network.
But as the blockchain developed, it became the solution to a myriad of problems regarding data storage, transmission, and verification across multiple networks. Universities have used blockchain tech to store records and degree information, governments have used the technology to securely hold government files, and even hospitals have found their own uses for blockchain tech within their important infrastructures.
To cap the end of this crypto winter, some good news has come from China. A copyright alliance in the media sector from Beijing has recently announced their intention to provide unique copyright protection and verification services, with blockchain being used as the core technology behind their platform. The announcement comes on December 19th, with members of the International Finance News agency reporting on the topic.
Improved Systems And Mechanisms
The new organization is employing blockchain technology primarily to provide the initial authentication paperwork when original works are created and submitted to the system. As an added benefit, once a copyright violation has been detected on a work within the system, it immediately gathers the evidence needed for prosecution under China’s rigorous copyright laws.
Part of the effectiveness of the system will come from the extent of participation from agencies all over the country. Over 30 major outlets in the country have joined up into the alliance, dubbed the Financial Media Copyright Protection Alliance, giving it significant weight as an organization within the financial news sector. As it continues to grow in participation, it will likely become even more effective at combating rampant copyright abuse happening in the expanding financial news sector of the country.
This organization seems to be following closely in the footsteps of another alliance established in Hong Kong, comprised of over 100 media companies, named the Global Media Blockchain Alliance. Blockchain seems to be making quite the splash within the copyright sector—and with good reason. Blockchain tech is an immutable, decentralized ledger, making it the perfect mechanism to both verify and store data regarding the authenticity of original works.
Despite the doom and gloom of 2018 for cryptocurrency, blockchain continues to be employed globally as a potential solutions to hundreds of problems facing the business world.