Photo stocks are the next target for the blockchain technology, as a new project aims to offer the same services, but cheaper, faster, and in a more convenient way.
The potential market for disruption is huge, as photography and design are very popular areas of occupation. Just one leading photo stock company declared in 2016 a staggering revenue of $756 million. It also demonstrated an impressive number of 1.7 million active buyers and 100,000 artists on this platform. The income figures are projected to rise significantly in the coming years. Ok, the market is big and growing, but how is Photochain planning to overtake the already established leaders of the industry?
The answers, of course, is the advantages granted by the adoption of the blockchain technology. Due to the decentralized nature of the application, the photographers will be able to earn much more money for their work. Photochain claims that most popular photo stock services end up paying no more than 23% of the revenue to their users. Photochain, in, comparison, offers impressive 95%. Only this feature alone has the potential to convince the users to migrate from other platforms and adopt the app as their default instrument. Moreover, the developers offer shorter verification times and faster payment in comparison with their competitors.
So far we have understood that blockchain adoption reduces the fees, but is it all there is? Photochain displays another promising application of blockchain, this time in the area of copyright. The developers will create Digital Copyright Chain – DCC, which will “maps the link between a piece of work and the associated author of that particular work.” This decentralized copyright database will be implemented using the Blockchain. The plan is ambitious – to create a unified global digital image database containing works with a direct and traceable link to its original author, which can solve the piracy problem altogether.
Should the copyright claim arise, the developers designed a set of steps to settle the dispute. These steps involve using special hashing algorithms to compare the images. This ensures that the work only occurs once and is assigned to only one author. If another author tries to offer an already saved work on the Photochain DApp, the technology will automatically prevent this action.
The platform’s users will use PHOTON tokens to pay for the services within the system. Users will also be rewarded with tokens for performing socially beneficial actions like settling disputes, which will encourage the creation of an “ecosystem”. The service providers, in turn, will get motivated by getting additional tokens for successful sales.
The Tallinn-based project is led by Stanislav Stolberg (CEO) and Arthur Ishmetev (CTO). All team members have verifiable LinkedIn accounts and have relevant work experience. The list of team members gets very positive comments on major ICO sites. The demo of the platform is already available on the official website.
In conclusion, Photochain aims to bring blockchain innovation to stock photography, increasing profitability for all parties and offering unique copyright protection solutions. The project has a trustworthy team and a released demo, so it may have all it takes to succeed.