Meet Photochain: One of the Top Blockchain Projects of 2018 - Moderator
Meet Photochain: One of the Top Blockchain Projects of 2018
Blockchain technology is seen as the new frontier in tech as it offers developers the ability to make applications quicker and more dynamic than ever. Interest in the technology has grown rapidly over the last few years and is expected to continue its exponential trend. In fact, the blockchain market is predicted to hit $20 billion by 2024.
One of the more exciting aspects of blockchain is that it allows for companies and developers to truly personalize their platforms, by creating systems from the ground up. This is a huge boost for innovation as business processes can be designed to be better suited for consumers in the digital age.
Considering blockchain’s many other use cases, all in all, it is an exciting technology for almost every industry where an exchange of information occurs. One such underappreciated industry, in dire need of some sort of restructuring, is the stock photography market.
The industry is rather outdated and controlled by very few centralized players. The first major problem lies in that there is no primary photo marketplace, making it difficult for new content creators to build a following, and the marketplaces that do exist are filled with problems of their own.
Photographers are often paid less than a quarter of the revenue of their sold content, and often have to wait weeks to receive payment for their content. Creators are also unable to set their own pricing structure, locking them into agreements that may not fit their needs. Copyright issues are rampant and if you are unlucky enough to be caught up in a copyright claim, a resolution can take weeks.
A new startup, Photochain, is using blockchain technology to change all this. They are creating a decentralized and democratic marketplace for the buying and selling of photography content.
Photochain was the vision of CEO Stanislav Stolberg, who tells us “As a hobby photographer, I found the incumbent photostocks just far too difficult to navigate. Too many rules and restrictions made me not want to use them, as I felt I was not able to share my photos how I wanted to. As a keen technologist, blockchain immediately jumped out to me as the answer.”
Blockchain provides Photochain with the perfect technology for streamlining and facilitating a marketplace for content creators and buyers. A decentralized marketplace connects buyers directly to the sellers, where their own prices can be discussed. Photographers have much more freedom to sell their works on their own terms.
Quicker Transactions on a Safe and Secure Platform
As well as freedom, the main benefit of Photochain to photographers is the shear speed of transactions. Transactions happen within seconds, far outpacing the weeks and months other comparable marketplaces take to pay creators. Content creators also get to take home 95% of their works’ earnings, as blockchain’s smart contracts verify and validates each transaction, thus removing expensive middlemen.
On the copyright front, Photochain’s Digital Copyright Chain (DCC) provides an automated and innovative solution. To upload a photo, a user must have their identity verified. Then each uploaded photo is permanently linked to the user who uploaded it. This link forever exists in the blockchain, through the DCC. This leaves a trail of ownership for every single photo that passes through the platform. Each uploaded image, by every photographer, is scanned against the DCC for copyright infringement.
Buyers never have to be known to sellers, should they wish to remain anonymous, but there is no risk to sellers. Smart contracts facilitate the sales process, and if the buyer agrees to a purchase, tokens are immediately deducted from their account and sent to the seller. The buyer is given a digital copy of the purchased work, which is also permanently written into the blockchain as to stifle any misuse of the image.
Combined with near total retention of profits, this allows for users to have a personalized marketplace experience not available anywhere else. The speed and security offered by the platform - and protection of both data and finances of content creators - allows blockchain to give the power back to the photographers.
Photochain Has Gained Momentum in Recent Weeks
Photochain is an exciting startup as it represents a novel and much-needed application of blockchain technology. Not only in the photography industry but content creators in many industries, face adversity against the hegemony of big business with corporate goals in mind.
As Stanislav remarks, “Photochain is the revolution that photographers have been waiting for. We’ve reinvented the photography marketplace from the ground up, with the buyers and sellers at the heart of it.”
Photochain has picked an industry model that is outdated and prime for decentralized disruption. The potential of the project has been greatly recognized recently, with the project taking home 3rd place in the ICO Pitch Competition at the Blockchain Leadership Summit in Zurich.
As the blockchain industry grows, these startups will be the fuel that pushes the technology into consumers’ everyday lives. By assisting struggling content creators, Photochain has dug themselves a niche and a loyal following in the industry that will surely make them a company to watch out for.