Blockchain-powered music platform Soundeon continues to accumulate traction, firmly establishing its position at the forefront of blockchain innovation as Soundeon developers have filed a nonprovisional utility patent with the United States Patent and Trademark Office (USPTO) on April 27 for the Creative Smart ContractTM technology underlying the platform.
The patent-pending Creative Smart ContractTM environment provides innovative systems and methods for intellectual property ownership rights management, funding and ticketing on the blockchain and peer-to-peer. Artists have full control of their creative output from the very inception to the copyright, distribution, royalty collection and distribution of the intellectual property works as well as event ticketing. Embedded automation reduces transaction frictions and operational costs for intellectual property management.
This is accomplished through the utilization of decentralized stores and a series of smart, self-executing contracts; collectively integrating a number of systems and methods into a single environment intended to vertically integrate the media rights management and ticketing industries. The use-case of this technology extends to all types of intellectual property.
Patent-pending status provides Soundeon and its users with intellectual property protection for its leading-edge approach to resolving media rights management. Users can now be assured that the Creative Smart ContractTM technology will remain protected by law in the interest of promoting transparency and fair play within the music industry.
"Our breakthrough technology encapsulates not only digital rights management but the entire life-cycle of an artist, including funding, IP marketplace, DRM, micro-payment channels and ticketing on the distributed ledger," said Vladimir Avdeev, CVO of Soundeon.
He also points out that Soundeon's holistic approach to utilizing blockchain technology and IPFS goes well beyond the patchy patents filed by the likes of Sony who are so far taking an outdated approach to blockchain technology.
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