Almost every industry where an exchange of information occurs can find a practical use for blockchain technology. One such near-monopolized industry, in dire need of restructuring due to its many complications, is the stock photography market.
Please Note: This is a Press Release
Photographers are often paid less than 25% of the revenue of their sold works, and usually have to wait weeks to receive their relatively small cut. They are also unable to set their own pricing, and are locked into agreements that may not fit their needs. Copyright issues are rampant and if you are unlucky enough to be caught up in a claim, a resolution can take weeks.
The good news however, is that Photochain, is using blockchain technology to change all this. Photochain are creating a decentralized and democratic marketplace for the fair buying and selling of photography, whilst improving the overall experience.
Photochain has picked an industry model that is prime for decentralized disruption. The potential of the project has been highly recognized recently, with the project taking home 3rd place in the ICO Pitch Competition at the Blockchain Leadership Summit in Zurich. The project is also partnered with some high profile players in the blockchain world, including advisory services Swisscom Blockchain and one of Blockchain’s biggest technical personalities, Roberto Capodieci and his Blockchain Zoo.
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 is the perfect technology for Photochain to streamline a marketplace for photography creators and sellers. A decentralized marketplace connects buyers directly to the sellers, where their own prices can be set. Photographers deserve much more freedom to sell their works on their own terms, as they are the ones who know the value of their work best.
As well as freedom, Photochain appeals to photographers because of the speed of transactions. Transactions happen in seconds, far outpacing the weeks and months other photography marketplaces take to pay creators. Photographers take home 95% of their works’ earnings, as Photochain’s smart contracts verify and validate each transaction, thus removing expensive middlemen.
In the fight against copyright, Photochain’s Digital Copyright Chain (DCC) provides an automated and innovative solution. To upload a photo, a user must have their identity verified. Each uploaded photo is immediately linked to the user who uploads it. This link exists permanently in the blockchain, through the DCC, and leaves a trail of ownership for every single photo that moves through the platform. Furthermore, each uploaded image, by every photographer, is scanned against the DCC for copyright infringement.
These, and many more, features allows for photographers to have a personalized marketplace experience not available anywhere else. The speed and security offered by Photochain – and protection of data and finances of both sellers and buyers – allows Photochain to give the power back to the individuals.
Photochain is an exciting startup as it represents a novel and much-needed application of blockchain. Not only in the photography industry, but content creators in many industries face adversity against big business with corporate goals in mind. Photochain sets the standard for innovation in the creative industries.
Photochain has recently teamed up with Copytrack, to form a key partnership in the copyright battle. Copytrack are creating a global decentralized copyright register for digital content, a mission which aligns perfectly with Photochain’s own wider ambitions.
As Stanislav says, “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.”
By assisting photographers, Photochain has dug themselves a niche and a loyal following. With already over a hundred photographers signed up to the alpha version, this will only grow organically as more photographers realize what Photochain offers them. Their potential to truly change a whole industry is what makes them one to watch out for.
Photochain’s Main Sale starts on 6 April and you can join the whitelist on their homepage.
