Companies all over the world flock to blockchain technology for vastly different reasons. Binded is one of the few projects focusing this attention on using distributed ledger technology to protect intellectual property. More specifically, the company uses this technology for photographers. In doing so, Binded aims to provide a permanent record of copyright work in a public database. The company raised an additional $950k to make this project a reality.
Binded Keeps Turning A Lot of Heads
Most cryptocurrency enthusiasts may not know the name Binded. Instead, they may recall a company known as Blockai, which is the very same group of people. This rebranding decision is quite interesting, as the company wants to embrace a corporate image they can market properly. Simply focusing on technology is not the best marketing decision by any means.
Binded wants to focus more on the idea of creating a legally binding record. More specifically, they feel photographers are in dire need of a convenient solution to copyright their work while still making it publicly viewable. To make this project become a reality, Binded raised an additional $950k from various backers this week. In doing so, the company has now raised $1.5m in total funding.
What is rather remarkable is how Japanese investors are starting to take notice of blockchain projects. That is no coincidence, as cryptocurrency has exploded in popularity across all of Japan in recent months as well. It is evident this country is looking to become an integral part of the cryptocurrency and blockchain revolution. Then again, this is a global copyright solution effort, thus bringing the Japanese on board is only a natural evolution.
Some people may wonder why there is a need for a blockchain-based copyright standard for intellectual property. That question is not all that strange, although it is evident such a concept could gain a lot of traction rather quickly. Creative work in the US is copyrighted when it is created, assuming it is registered with the US Copyright Office. Binded will serve as an intermediary step to provide copyright services for content creators.
More importantly, the Binded solution is both less time-consuming and expensive compared to more traditional solutions. At the same time, people using the service will be given access to a legally binding copyright record. It is an intriguing development that can shake up the world of copyright claims as we know it. That is, once it becomes available to content creators all over the world.
According to Binded CEO Nathan lands, the service provided by the company will always be free of charge. However, there is a plan on the table to integrate additional features to generate revenue for the startup. Right now, it is unclear what these features may entail or how much they will cost. We do know the new funding will help the company develop its solution and make a name for itself over the coming years.
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