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Exploring How Blockchain Can Boost Australia’s Creative Industries

Blockchain Infrastructure for Australia Creative Industry

A new report highlights how a new blockchain infrastructure, which is designed for Australia’s creative industries, could help overcome problems from missed royalty payments to art fraud and administrative overheads.

According to a recent press release, the report was prepared for the Australia Council for the Arts, Screen Australia and the Australian Film, Television and Radio School.

Blockchain to Bring in Transparency

  • It argues that a blockchain-based infrastructure could bring much needed transparency to the creative marketplace, while relieving the administrative burden faced by many creative practitioners.
  • It presents a hypothetical infrastructure called the Australian Creative Blockchain, which would enable a whole range of smoother transactions for artists.
  • Lead-author, Associate Professor Ellie Rennie from RMIT University’s Blockchain Innovation Hub, explained that blockchain was emerging as an opportunity to rebalance the cultural economy in favour of creative practitioners.
  • A blockchain-based infrastructure could enable simpler and more transparent transactions, easier contracting, fewer overheads and less reliance on middlemen.
  • The report outlines an ‘industry utility’ approach to cultural policy, in which Australia’s cultural institutions would cooperate to build a shared infrastructure to support and grow this segment of the economy.
  • Having a shared blockchain infrastructure for the creative industries would position Australia as a leader in the creative economy.
  • Australia Council CEO Adrian Collette shared that the report served as a useful provocation, which could hopefully prompt greater discussion across the sector.

Benefits of Blockchain for Creative Industry

  1. The Australia Council recognises the vital importance of understanding the rapidly evolving environment in which artists are living and working, and the need to ensure viable artist careers into the future.
  2. This exploration of potential applications of blockchain technology to the creative industries adds to the knowledge about predicted futures for arts and creativity within broader systems of technological, economic and socio-cultural change and disruption.
  3. The Director of the University’s Blockchain Innovation Hub and also co-author Professor Jason Potts shared that the findings showed what industries, which rely on digital payments, especially micro-transactions and complex contracting between parties, stand to gain the most from the arrival of the blockchain technology.
  4. The creative industries would benefit greatly from this new economic infrastructure, possibly more than any other segment of the economy.
  5. The ability to authenticate an artwork as it passes from one buyer to the next, and to generate unique digital works, will also be a boon to those industries where scarcity is valued.
  6. Although further research is needed to determine the feasibility of an Australian Creative Blockchain and how it might be piloted, the proposal suggests a shift in Australia’s cultural policy is likely needed to establish a blockchain infrastructure.
  7. In addition, more economic analysis of the optimal approach to public finance, optimal social investment and the scope of regulation of creative industries utility are needed.
  8. The report will be discussed at an industry forum, to be hosted by the Australia Council for the Arts, Screen Australia and AFTRS in early 2020.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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