SHANGHAI, May 7, 2018 /PRNewswire/ — As the primary mechanism for communication and commerce, the advent of Internet has had tremendous ramifications with respect to the creation and enforcement of intellectual property (IP) rights. Technological innovations continue to grow exponentially and the Internet is the medium within which infringement primarily occurs. Technical loopholes and the relatively high cost of enforcing legal rights underpin the existing inefficient mechanism which exists to safeguard the interests of creators.
In response to this, WECC Foundation launched the WECC blockchain project dedicated to solving copyright issues in the Chinese market by developing a reasonable copyright authorization platform. WECC aims to promote economic development by encouraging individuals to enhance their copyright awareness whilst penetrating the Chinese market, so as to guarantee the protection of copyright. There is a pressing need for this as the economy continues its maturation process and it has been an area of concern for investors and businesses alike.
This platform uses the blockchain as its technical foundation and employs features including tamper-proofing, irreversibility, reliability, dependability, distribution, openness, and transparency in order to achieve its objectives. In addition, it incorporates multiple nodes for composition and adopts consensus algorithms among nodes to ensure consistency. This resolves the complicated problem and also has several advantages. Plus, it is contingent on traits such as “once the record is completed, it will always exist and cannot be changed” to realize the authentication and protection of IP rights. It is worth noting that the platform provides a level of certainty for transparent commercial exchanges of IP in the future.
Paul Pan, the CEO and project leader of WECC, said, “it is our hope that this project will eventually facilitate the simultaneous export of domestic copyright and import of foreign copyright. It will also provide for the digital certification of IP assets, a standardized service for the copyright industry, and eventually form a normalized ecology of copyright protection.” With respect to the overall significance of the project, Pan asserts that WECC will have a profound influence on intellectual property in a subtly effective manner. In addition, the application of block chain technology will permit WECC to establish China’s own LIMA, giving the Chinese market its very own copyright authorization platform.
Many people consider blockchain to be a revolutionary form of technology whereas WECC considers it to be a fundamental model. Not only does WECC ensure that creators can extract maximum value from their IP, WECC also endeavors to restore the value of copyright by taking advantage of the decentralization and disintermediation features of blockchain technology.
“The application of blockchain will take several years to develop and it will take time for the public to accept it. However, more people in the industry are becoming more identified with the concept we have created. The WECC project will realize its value across the entire industry when the concept of IP pricing enters the industrial chain.” WECC started trading on richcore.com on May 4th, 2018 and at 20:00 (China Standard Time), WEC/ETH topping up was available. It was officially open for business at 11:00 the following morning.
WE copyright chain is an IP business development and ecological platform based on blockchain technology and big data. The application of these technologies enables the company to ascertain the true commercial value of IP. WE copyright chain will establish a new IP industry standardization process and trading system premised on the technical feature of blockchain (SaaS+exchange+copyright DApp). The global copyright blockchain alliance connects enterprises specializing in the creation, application and operation of copyrightable content copyright application and copyright operation along with a group of renowned authors. By creating a global alliance with the vision of a united goal, each party devotes itself to accumulating a decentralized world of blockchain copyright.