, a New York-based blockchain startup has announced the development
of Mediachain, a Bitcoin blockchain-based decentralized metadata
protocol which relies on the InterPlanetary File System (IPFS) to
protect and ensure the rights to creative digital works.
Since early 2015, emerging blockchain startups have begun to
focus on the development of blockchain-based identity and
authentication systems to assist artists, freelancers and digital
content providers to protect their work from being plagiarised. To
encrypt and store digital rights on the Bitcoin blockchain, most of
these blockchain startups have either encoded an ID into the
Bitcoin blockchain using OP_RETURN or CoinSpark to reference
centrally hosted data or used a custom-built blockchain to attach
metadata directly to transactions.
But there are several challenges in using these two techniques
in encoding metadata onto the Bitcoin blockchain.
For example, the maximum data storage per transaction allowed by
the Bitcoin protocol’s built-in OP_RETURN code is 40 bytes. This
restricted storage makes it difficult to store long strings of
metadata onto the Bitcoin blockchain. Thus, using OP_RETURN to
encrypt metadata onto the Bitcoin blockchain becomes extremely
inefficient and is discouraged by core developers which think that
it contributes to “blockchain bloat.”
The issue with the second technique of building