Società Italiana degli Autori ed Editori (SIAE) recently announced its collaboration with Algorand to develop a new blockchain project to manage author rights. In the second quarter of 2021, SIAE and Algorand will commence this project and create a new milestone in the copyright business domain. This project is estimated to bring forth an open platform that makes the management of authors’ rights more transparent and efficient.
SIAE is the largest copyright management agency for authors and editors in Italy. Established in 1882, SIAE holds a prestigious history of protecting the rights of Italian authors and writers. It is also known as one of the world’s leading organizations to protect the editors’ rights and support their copyright battles in the legal premises. By partnering with Algorand, SIAE will break the conventional barriers in the copyright market. With this project, SIAE aims to leverage Algorand’s blockchain technology and create a unique platform that effectively manages the Italian authors’ rights. Advanced data protection features of Algorand’s blockchain platform will improve the security of copyright data managed by SIAE.
Algorand Blockchain for SIAE Copyright Management
Algorand is one of the largest blockchain platforms in the world. It is primarily developed for accelerating the transformation of conventional finance into decentralized finance. Algorand makes its first major announcement outside the finance domain. This milestone project aims to build a best-in-class blockchain-based platform that provides transparency to SIAE to manage their authors’ rights.
Key Highlights of the Project
- SIAE aims to leverage the blockchain capabilities of Algorand that helped it bring $NFTs in mainstream finance.
- Algorand will collaborate on data security and end-to-end blockchain encryption.
- The project will cover author rights of SIAE, spanned across their 139-year-old history.
The success of this project will help Algorand boost the value of its $ALGO token. Currently, all transactions on the Algorand blockchain are charged with 0.001$ transactional fees. This project will further empower the transactional decentralization of $ALGO.
Past Collaborations of SIAE and Algorand
Algorand has been working with the SIAE since 2019. These organizations have previously joined forces to develop digital assets. This project marks their first collaboration for copyrights management. Based on the century-old history of the SIAE organization, Algorand is expected to face challenges in embracing the rights of distinguished authors throughout the history of SIAE. This project will empower copyright management with blockchain technology and unlock a new future of protecting authors’ creative rights.
In 2021, the world changes progressively, and author rights are becoming digital assets. Within a week from the announcement, Algorand converted over 4 million NFTs for SIAE authors. These non-fungible tokens will help SIAE in the digital representation of more than 95,000 member authors. Every NFT is being developed on the Algorand blockchain and registered as a digital asset of the respective SIAE author. The NFTs represent the author’s rights as SIAE members. Decentralizing these rights on Algorand’s transparent public blockchain will help SIAE build an open infrastructure to safeguard their authors’ rights in an end-to-end process.
This project will also enable Algorand to boost its capabilities in DeFi projects and diversify its NFT expertise beyond finance. Collaborating with an industry giant such as the SIAE will size up the value of $ALGO tokens in 2021. For investors in Algorand, this project is a smart strategic move that helps the blockchain create advanced NFT applications to develop excellent data management infrastructure.