Video streaming platform iQIYI plans to implement the ERC-3475 smart contract standard. A copyright accounting system is being created for video content uploaded to the platform.
A special working group has released a version of the accounting system for beta tests. Public testing of the new smart contract system is expected to take place in the first quarter of 2023.
The company announced that it will use Ethereum smart contracts to “resolve copyright issues such as disputes, secondary creations, and copyright investment in authors’ works.”
Ethereum’s ERC-3475 network smart contract allows users to store any additional specifications. iQIYI will use ERC-3475 to manage and account for off-chain payments, and to combat copyright infringement.
Pioneered by D/Bond for a decentralized bond trading and DeFi marketplace platform, ERC-3475 technology introduces the Abstract Storage Bonds standard, which enables metadata storage on the network.
Earlier, in the Chinese province of Fujian, the first deal in the history of the country was held to transfer the rights to a land plot paid for by the digital currency of the Central Bank of China. Fuzhou University of International Studies and Trade paid 51 million digital yuan for the plot of land, and paid the necessary duties and taxes.
Source: Bits
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