Groupe Media TFO develops blockchain-based royalty system
Groupe Média TFO of Toronto has introduced a new prototype system for paying royalties to the creators of Canadian audiovisual works. The new system uses blockchain technology, a system whereby online transactions are tracked and authorized through encryption, and kept in a distributed form on a network. According to the company, this kind of system will increase transparency for legal and financial transactions. TFO developed the system with funding from the Canadian Media Fund as part of the Experimental Stream Innovation Program. The company is now inviting members of the content production and distribution industries to participate in its development.
"The consumption of cultural products is increasingly achieved through IP systems," said Glenn O'Farrell, president and CEO of Groupe Média TFO. "We wish to participate in creating next generation tools to credit and reward the rightholders in a way that is transparent, reliable and without an intermediary. As a public, education-focused company, we want to do our part to protect Canadian cultural works, including our own, as we expand their accessibility and visibility."