A Canadian media production company is in partner of the Government of Ontario to test a blockchain technology that aims to track copyrights for audio-visual content.
Canada’s Groupe Média TFO, a premium destination for audiences seeking educational and cultural content since the year 1970, had announced this week their plans to create a prototype which keeps track of copyrights and will pay creative works over a transparent blockchain platform.
Referred to as “Blockchain TFO“, this project is the first ever Canada-focused attempt to use blockchain technology in order to solve concerns about royalty payments in between various groups, such as tv producers, broadcasters as well as intellectual property holders.
The Canadian Media Fund (CMF), a public-private partnership backed by both the Department of Canadian Heritage and Canadian Cable Industry, extends funding for this project.
This is the very first Blockchain project presented by a TV broadcaster being funded by the CMF as part of their Experimental Stream Innovation Program. Groupe Média TFO is very proud to formulate a revolutionary system which will guarantee visibility both for financial and legal transactions.
Glenn O’Farrell, President and Chief Executive Officer of Groupe Média TFO, said in a statement:
“The consumption of cultural products is increasingly achieved through IP systems. We wish to participate in creating next generation tools to credit and reward the right holders in a way that is transparent, reliable and without an intermediary. As a public, education-focused company, we want to do our part to protect Canadian cultural works, including our own, as we expand their accessibility and visibility.”
Groupe Média aims to start this prototype with involvement coming from the content production and distribution industries. During its announcement, the group invites interested players to participate in defining this Blockchain prototype.
The project is a great way of Groupe Média TFO to continue on its way of developing innovation and creating a technological leader in the industry. Canada is one of the countries which have acknowledged the possibility of new blockchains’ technologies.