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China’s iQIYI, a streaming platform similar to Netflix, is considering implementing Ethereum (ETH) smart contract standard ERC-3475 to handle copyright issues.The news was announced at DeBond’s Moderate Account, the developer behind the ERC-3475 standard.
iQIYI is China’s largest online video platform, with over 100 million subscribers.The company uses smart contracts to “Resolve copyright-related issues such as disputes, derivative works, and copyright investment in authors’ works.”
According to the announcement, a special product team was formed within iQIYI to create copyright chain accounting, and an internal beta version of the system is currently running.a Public testing of the new smart contract system is expected to begin in the first quarter of 2023.
DeBond developed the ERC-3475 standard to allow individuals and institutions to create their own bonds and derivatives. However, ERC-3475 states “Abstract Storage Bond Standardto store on-chain metadata.
In other words, smart contracts allow users to store all additional specifications including values, transactions, and metadata. iQIYI leverages ERC-3475 to manage and control on-chain transfers, accounting, and off-chain payments, and address copyright issues.
According to local news, QIYI CEO Gong Yu made a speech at an intellectual property protection event in November 2021, talking about the seriousness of the problem of stolen content. sauce.
According to Yu, iQIYI detected over 270,000 plagiarized videos from the platform’s original series during the platform’s update period from February 14, 2021 to March 7, 2021.
Yu also mentioned another show that first aired on October 15, 2021. Two weeks later, the iQIYI team detected over 11,000 pieces of infringing content from the show.
In the same speech, Yu made three proposals for combating piracy and protecting film and television copyrights. The first and his second proposal advised strengthening internal mechanisms and national regulations to combat piracy, and working together at the international level to strengthen frameworks.
Third, on technology, Yu said blockchain can provide a simple and effective solution to all copyright issues. He said:
Strengthen technological innovation… using blockchain, DRM and other technologies to achieve end-to-end technical protection and truly combat piracy from a technical perspective.
