Rethinking Online Ownership with Block
What can copyright owners learn from Bitcoin, that most talked about digital currency no one really understands but everyone wants to be in on? Well, two words: Blockchain technology.
What's Blockchain technology, you ask, and what does it have to do with digital rights management? Let's start with explaining what Bitcoin is, for those who may not know.
As Coindesk explains, "Bitcoin is a form of digital currency, created and held electronically...It's the first example of a growing category of money known as cryptocurrency." What sets it apart is that it is "decentralized. No single institution controls the bitcoin network."
So what's the Blockchain connection? Blockchain technology allows this free exchange to happen.
"At a basic level, the Blockchain works as a public ledger that permanently records every bitcoin transaction," according to Payfirma. "Think of the Blockchain as being inked in permanent marker; you can write and add to it, but you cannot delete anything. There is no bookkeeper, if you will, that maintains the ledger; the technology of Blockchain is self-regulating and allows bitcoin to exist without a central bank. Each bitcoin transaction in the Blockchain is verified by the community using cryptography."