SIAE, the Italian company for collective copyright management, announced they will be partnering with Algorand for the development of a new open ecosystem for copyright management based on Algorand’s recently launched, high-performance blockchain platform.
Algorand uses a pure proof-of-stake (PPoS) protocol that guarantees decentralization, scalability, and security, making it particularly suitable for reliable management of all metadata and transactions necessary for proper rights management. Both Algorand and SIAE are aware that, in the very near future, copyright management will use blockchain technology.
Their collaboration will allow the evolution and strengthening of tools and services for copyright management to create new open and accessible solutions, further improving efficiency and intermediation activity.
“Imagine future solutions that guarantee greater efficiency and transparency to our associates. The opportunities offered by technology are at the same time a duty and a privilege for us, the sixth-largest collecting society in the world, as we are at the center of international protection for authors. The world is evolving, but the founding mission of the Italian Society of Authors and Publishers, the protection of creativity, does not change. Our collaboration with Algorand is part of a process already started and is aligned with research and innovation on a national and global scale. Together we continue to write a story that began 137 years ago and that today embraces the future.”
– SIAE General Manager Gaetano
SIAE had previously initiated the project with the support of La Sapienza University of Rome and the startup Blockchain Core, relying on Hyperledger. SIAE has now decided to focus on the Algorand platform due to the fact that it is decentralized by design and has high performance.
“Collaboration between technology providers and forward-thinking organizations such as SIAE opens up vast opportunities for progression towards new economic models that promote inclusivity, transparency, and frictionless transactions. I am honored that SIAE has selected the Algorand blockchain to serve as the backbone of its new initiative and look forward to seeing their solutions brought to life by the performance and functionality released in Algorand 2.0.”
– Professor Silvio Micali, Turing award winner and founder of Algorand