Music has long been a unique, universally understandable way of self-expression. But it also goes a long way beyond art – music is also a large business which gives jobs to thousands of artists, producers, stage operators, designers, to mention only a few. Today, the music industry is shifting into the digital realm with a pace previously unseen.
The bank of Russia (CBR) has successfully completed the pilot of a blockchain and distributed ledger technology (DLT) platform for the release and turnover of digital rights. It enables you to digitize (tokenize) goods, services, securities and other valuable assets. Any company or institution will be able to create cryptocurrencies on the site.
What is a token? A token is a blockchain-based digital asset that can be exchanged between two parties without the need for an intermediary. A token (coin) can be seen as a set of digital information that is able to give a right of ownership to a subject on the same set of information that is recorded on a blockchain and that can be transferred via a protocol.
Recently Russians woke up to the news of a new prime minister following a number of events that saw the government resigning. The new PM, who served as the head of Russian tax services Mikhail Mishustin has supported cryptocurrency for quite some time. The prime ministers vowed to transform the modern blockchain powered state for the benefit of Russians.
The lack of clear investor rights in Bitcoin (BTC) and other blockchain-based cryptocurrencies and the absence of aboveboard regulations to protect rights are concerning public authorities, and upon request, the Capital Markets Board of Turkey has taken action to review and regulate digital currencies and intermediaries.
The Russian Supreme Court has made it clear that “digital rights,” which is a term used to mean coins and tokens in the country’s law, can be used to facilitate illegal activities such as bribes, in the same way as fiat currency, property and other valuable assets are.
Digital platforms are spreading more and more with business models based on our data and which, by default, threaten our rights. On the other hand, the privilege to the portability of personal information required by the GDPR assumes an important role for a change.
One superb Chinese online author identified as Chen Hongyan aka Lingchen has developed a practice in her innovative method of frequently uploading and storing her literary works onto a tamper-proof blockchain-powered store. When she uploads a piece of work, she by design gets a series of data as the digital ID for the work.