This article was first published on Dr. Craig Wright’s blog, and we republished with permission from the author.
Abstract
This paper investigates integrating blockchain technology and digital assets within innovation management, particularly emphasizing their application in distributing copyright and patented material. This study provides a detailed assessment of the current state of innovation management, including prevalent models and practices, while identifying critical gaps in knowledge that necessitate further research. The research topic explores the definition and background of blockchain technology and digital assets, focusing on their role in managing copyright and patent distribution. This exploration examines current theories and debates, underscoring the need to address the limitations of existing platforms.
The impact of blockchain and digital assets on innovation management is examined, highlighting the potential to enhance intellectual property protection, facilitate stakeholder collaboration, and improve transparency in distributing creative and patented works. By analyzing a case study on micropayments, the paper provides tangible evidence of the real-world application of blockchain technology in copyright distribution. Moreover, the study demonstrates the potential of BSV blockchain as a viable solution to overcome the scalability and high transaction fees associated with existing platforms, emphasizing its capacity to open up new opportunities and revolutionize the industry.
In addition to examining the present landscape, the paper outlines future research directions to expand the understanding and application of blockchain technology and digital assets in innovation management. It explores scalable solutions to accommodate the growing demand for efficient copyright and patent distribution and legal frameworks that can effectively address the intricate legal implications of blockchain-based management systems. What is more, the paper underscores the significance of optimizing user experience and enhancing economic implications to ensure widespread adoption and seamless integration of blockchain technology.
The study identifies and envisions a future where blockchain and digital assets enable a more distributed and equitable innovation ecosystem, empowering creators, innovators, and consumers. The study also contemplates the broader implications for future social change, emphasizing the democratization of access to copyrighted and intellectual property-protected material. This shift can unlock new markets and opportunities previously unexplored, fostering innovation, creativity, and economic growth on a global scale.
In conclusion, this paper provides a comprehensive analysis of the integration of blockchain and digital assets in innovation management, focusing on copyright and patent distribution. By examining the current state of the field, presenting a robust research topic, exploring real-world case studies, and outlining future research directions, this study contributes to advancing knowledge in innovation management. Furthermore, the transformative potential of blockchain and digital assets regarding intellectual property protection, collaboration, and transparency is examined. Finally, by adopting Bitcoin SV and optimizing blockchain-based platforms, a future marked by inclusive, transparent, and efficient systems within the creative industries is within reach.
Introduction
Innovation management is critical to driving growth and competitiveness in today’s fast-paced and dynamic business environment (Schiuma et al., 2021). Effective innovation management requires exploring new methodologies, technologies, and approaches to address challenges and unlock opportunities (Ivaldi et al., 2021). One such technology that garnered significant attention is blockchain. Bitcoin is the first blockchain platform and offers distributed, devolved, and transparent systems for recording and verifying transactions (Wright, 2008). Coupled with utilizing digital and tokenized assets, a blockchain can revolutionize various aspects of innovation management.
This paper focuses on the role of blockchain and digital assets in distributing copyright and patented material, highlighting their implications for innovation management. Copyright and patent distribution protect intellectual property rights and enable creators and inventors to benefit from their works (Bell & Parchomovsky, 2014). This remains important as traditional systems for managing copyright and patent distribution face challenges regarding transparency, efficiency, and accessibility. Bell and Parchomovsky (2014, p. 231) have contended that an enhanced intellectual property “system would reduce wasteful litigation while encouraging the wider dissemination and more extensive use of inventions and expressive works.”
Integrating blockchain technology and digital assets presents new possibilities for addressing these challenges and enhancing innovation management practices. For example, the distributed peer-to-peer nature of blockchain technology simultaneously enables secure and transparent systems for recording and tracking ownership, transfers, and licensing agreements of copyrighted and patented material (Bamakan et al., 2022). In addition, by establishing a tamper-proof and immutable ledger, blockchain can provide a more efficient and trustworthy platform for managing intellectual property rights (Helo & Hao, 2019).
Digital assets, on the other hand, facilitate new methods of incentivizing and rewarding innovation (Quah, 2003). For example, through micropayments and instant transactions enabled by Bitcoin and tokenized assets, creators can be fairly compensated for their contributions (Zema, 2022), fostering a more engaging and motivating environment for open innovation (Huizingh, 2011). These digital assets also introduce opportunities for new business models and revenue streams, driving innovation in product development and service delivery (Tavoletti et al., 2021).
Integrating blockchain and digital assets in copyright and patent distribution can reshape the landscape of innovation management (Gunasekara & Rajapakse, 2022). By leveraging the benefits of the increased transparency, security, and efficiency from the blockchain and the possibilities offered by digital assets, organizations can enhance collaboration, accountability, and measurement of innovation outcomes (Rejeb et al., 2019). This opens new avenues for creators, inventors, and organizations to protect their intellectual property, drive innovation, and access global markets. Alkhader et al. (2020, p. 188363) demonstrate how integrating these technologies into real-world physical systems, such as additive manufacturing, can provide benefits that allow operators to “govern and trace transactions initiated by participants involved in the manufacturing process.”
Throughout this paper, we will delve into the analysis of innovation management, identify knowledge gaps in the understanding and application of blockchain and digital assets in copyright and patent distribution, and explore the potential impact of this research topic on the broad field of innovation management. Furthermore, we will discuss the implications for future social change, emphasizing the importance of understanding and leveraging blockchain and digital assets to drive transformative outcomes in intellectual property management, democratizing innovation, and accessibility of creative and patented works (Bamakan et al., 2022).
By examining the intersection of innovation management, blockchain technology, and digital assets in the context of copyright and patent distribution, we can gain insights into the transformative potential of these technologies and their implications for the future of innovation management (Bonnet & Teuteberg, 2022). Thus, This paper contributes to the growing body of knowledge and stimulates further research, discussions, and practical applications of blockchain and digital assets in innovation management. Thus, as Bonnet and Teuteberg (2022, p. 1) claim, it will be possible to extend the research to “investigate which blockchain benefits, in terms of technological security, immutability, decentralization, tokenization or disintermediation are promoted by these applications.”
Analysis of the field
In this section, we explore the current state of innovation management, including prevalent models and practices, challenges, and dilemmas. Open Innovation (Chesbrough, 2003), Blue Ocean Thinking (Kim & Mauborgne, 2015), Design Thinking (Lewrick et al., 2020), and Lean Startup (Céspedes-Mota et al., 2021) are influential methodologies. We highlight the potential role of blockchain and digital assets in addressing the challenges of innovation management. Blockchain technology offers opportunities for democratizing innovation, enhancing transparency, and improving the measurement of innovation outcomes (Rejeb et al., 2019).
Digital assets, such as Bitcoin and tokenized assets, present new avenues for incentivizing innovation and enabling novel business models. Rejeb et al. (2019, p. 3) note that “blockchain technology is based on peer-to-peer communication, which alters market structures by fostering disintermediation.” The promise of blockchain comes from a combination of micropayments, which open up new avenues to create business opportunities coupled with the ability of individuals to exchange information nearly instantly across the globe. While peer-to-peer is often touted as the node network structure within systems such as Bitcoin, the reality is that peer-to-peer exchanges should involve individuals who can exchange directly (Milojicic et al., 2002).
Current state of innovation management
Innovation management, the organized and structured process of promoting innovation within an organization, remains a fundamental strategic approach in the business landscape (Ojasalo, 2008). The ever-changing dynamics of global markets necessitate constant adaptation and innovation for businesses to remain competitive and sustainable. However, managing innovation isn’t straightforward (Žemaitis, 2014). Managing innovation requires an interplay of various methodologies, theoretical frameworks, and the innovative integration of emerging technologies, such as Blockchain (Beck & Müller-Bloch, 2017).
Open Innovation, first proposed by Henry Chesbrough (2003), is a paradigm that advocates for the free flow of information and ideas, both internally and externally, to accelerate the innovation process. This model could be further augmented by blockchain technology. By implementing blockchain systems, corporations can securely and transparently exchange data and knowledge, fostering collaboration while safeguarding intellectual property (De La Rosa et al., 2017).
Blue Sky Thinking promotes innovative ideas without the constraints of practical limitations or existing realities (Wrigley et al., 2016). Often, the most transformative ideas stem from unrestricted, visionary thinking. Here too, blockchain could play a role. Blockchain’s decentralized nature can enable broad, independent participation in innovation, where anyone, regardless of their position in the corporate hierarchy, could contribute their ‘blue sky’ ideas. In addition, the blockchain can serve as an immutable record of these ideas, ensuring attribution and recognition.
Design Thinking is an approach centered on understanding end-user needs and developing solutions accordingly, combining empathy, technological feasibility, and business viability. Blockchain can further enhance this approach (DeCovny, 2015). For instance, by leveraging blockchain’s transparency, corporations could better understand user interactions and preferences, leading to more user-centric innovations. Moreover, blockchain smart contracts could automate particular product or service delivery aspects, enhancing customer experience (Dal Mas et al., 2020).
The Lean Startup methodology applies an ‘experiment, learn, iterate’ approach, encouraging quick prototyping and market testing (Frederickson, 2015). Blockchain’s immutable and transparent nature can provide reliable data for such iterative learning. In addition, it allows companies to track and analyze customer interactions in real-time, facilitating quicker learning cycles and more informed iterations (Gunasekara & Rajapakse, 2022).
Various theoretical methods, such as the Innovation Ambition Matrix and the Three Horizons of Growth framework (Mazumdar & Perkins, 2021), assist corporations in charting their innovation strategy. However, blockchain can enable more efficient execution of these strategies. For instance, blockchain can provide a secure, transparent platform for managing and tracking innovation initiatives, providing real-time insights, and fostering accountability (Xu et al., 2022).
Despite these methodologies, corporations still grapple with challenges in fostering a genuine innovation culture and effectively measuring the impact of their innovative efforts (Hynes & Mickahail, 2019; Jamrog et al., 2006). Here again, blockchain’s potential comes to the fore. The technology could provide a more transparent and efficient system for tracking innovation activities, outcomes, and impacts, facilitating a more objective evaluation of innovation performance (philsoophian et al., 2021).
Finally, the rapid pace of technological advancement represents both opportunities and pressures for corporations. Almeida et al. (Almeida et al., 2020) contend that “[d]igital transformation is characterized by the fusion of advanced technologies and the integration of physical and digital systems”. Following recent events such as COVID-19, these events have come to the fore, and the criticality of change is arguably even more important than past. By adopting technologies like blockchain, corporations can leverage these opportunities, stay ahead of the competitive curve, and remain resilient in the face of change (Kiradoo, 2023). The following sections will explore the role of blockchain and digital assets in managing copyright and patent distribution as a specific application of these technologies in innovation management.
Role of blockchain and digital assets in innovation management
As businesses grapple with the challenges of innovation management, emergent technologies such as blockchain and digital assets provide potential solutions (Aoun et al., 2021). These technologies influence innovation management in several ways, impacting how ideas are generated, shared, evaluated, and implemented. Blockchain technology, with its characteristics of decentralization, transparency, and immutability, can fundamentally alter how organizations innovate (Deepa et al., 2022). It can democratize the innovation process, enabling broad-based participation and collaboration within and outside the organization. Blockchain can serve as a secure, tamper-proof platform where ideas can be shared, discussed, and developed collaboratively, fostering a culture of open innovation (Leible et al., 2019).
Moreover, blockchain technology can provide a more efficient, transparent, and fair system for managing and recognizing innovation efforts. Fraga-Lamas and M. Fernández-Caramés (2020) contend that the “need for orchestrating multiple stakeholders in a trusted and reliable way matches perfectly with the distributed nature of blockchain.” For instance, blockchain could create a secure and transparent record of all innovation activities, from idea generation to implementation. This can ensure that all contributions are appropriately attributed and recognized, fostering a sense of ownership and motivation among the innovators (Li & Fang, 2021).
Blockchain can also facilitate the more effective measurement and evaluation of innovation outcomes. Using technology, referred to as “smart contracts,” benefits innovative businesses despite being neither smart nor contract (Allam, 2018). These systems are programmable script functions that are recorded on the blockchain. By correctly noting the data flow, these systems can automate the tracking and rewarding of innovation outcomes, such as successful idea implementation or achievement of specific innovation goals (Swan, 2015). This can provide a more objective and reliable measure of innovation performance, helping organizations to better understand and manage their innovation efforts.
Digital assets, such as Bitcoin, tokenized assets, and non-fungible tokens (NFTs), also present significant opportunities for innovation management. These assets can provide new ways to incentivize and reward innovation, creating a more engaging and motivating environment for innovators. Baudier et al. (2022) note that “Blockchain technology and tokenization can solve challenges in co-creation projects consisting of big companies, startups, and entrepreneurial accelerators.” For example, organizations could use tokenized rewards to recognize and reward innovative efforts, creating a more tangible sense of achievement and ownership among their employees.
Furthermore, digital assets can enable new business models and revenue streams, driving product development and service delivery innovation. For instance, organizations could use tokenization to create new products or services or to monetize previously untapped resources. Businesses could also use Bitcoin or tokenized assets to facilitate transactions, reducing costs and enhancing customer experience. For example, van Haaften-Schick and Whitaker (2022, p. 288) note that “[w]hile resale royalties have historically been used more speculatively by artists of earlier generations, they are now reaching more viable form because of blockchain’s ability to redress these limitations of contracting and transacting.” This technology provides many new opportunities for innovation.
In summary, blockchain and digital assets profoundly influence innovation management. They offer new tools and mechanisms to drive innovation, from enhancing collaboration and transparency to facilitating recognition and reward to enabling new business models and revenue streams. These technologies, therefore, deserve our close attention as we seek to understand and navigate the evolving landscape of innovation management. Centorrino et al. (2022) contend that this will produce new forms of value creation and deliver innovative structures that aid in value co-creation. Alternatively, Wang et al. (2022) see a growing alignment between artificial intelligence of Blockchain technology and that these technologies will enhance future business practices.
Identification of knowledge gaps
Despite the considerable promise of blockchain and digital assets in innovation management, several knowledge gaps remain in understanding their full potential and implications, especially regarding the management of copyright and patent distribution (Bonnet & Teuteberg, 2022). With the capability of distributing small value exchanges to a vast number of parties globally, Blockchain systems can open new forms of exchange that are linked to micropayments. These can be constructed using NFTs and other technology to securely integrate the exchange of information without the existing overhead.
Firstly, there is a need to understand the technical and legal complexities associated with using blockchain for managing copyright and patent distribution (Fraga-Lamas & Fernandez-Carames, 2020). Blockchain technology offers robust solutions for tracking and verifying copyright and patent ownership (Leible et al., 2019). However, applying these solutions in real-world scenarios involves dealing with intricate legal systems and intellectual property rights conventions, which may not be fully compatible with existing legislative controls (Savelyev, 2018). The intersection of blockchain technology, copyright law, and patent law is thus an area that requires further exploration.
Secondly, while digital assets hold promise as a new medium for transacting intellectual property rights, the mechanisms and models for such transactions remain underdeveloped (van Haaften-Schick & Whitaker, 2022). For example, using micropayments enabled by Bitcoin at scale could revolutionize the monetization of copyrighted and patented material. However, questions around the setting of microtransaction prices, the assurance of fair compensation for creators, and the prevention of illicit use of copyrighted material are questions that some authors would instead leave unaddressed (Filippi & Wright, 2018).
A significant gap exists in understanding the user perspective toward blockchain and digital asset-based copyright and patent distribution solutions (Deepa et al., 2022). Blockchain-based technology could hinder its adoption among creators, consumers, and intermediaries who may lack the technical literacy to use these solutions confidently if not implemented flawlessly (Mougayar, 2016). Understanding user attitudes, perceptions, and skill levels towards blockchain and digital assets, and developing user-friendly, accessible solutions is a pressing need (Y. Wang et al., 2022).
Lastly, while we recognize the potential of blockchain and digital assets to disrupt existing copyright and patent distribution models, there is limited empirical evidence to support these claims (Deepa et al., 2022). Therefore, case studies and pilot projects are needed to test the viability of these technologies in various contexts, to identify best practices, and to understand the challenges in implementing these solutions. Critically, these need to be in a way that demonstrates both the benefits and the pitfalls so that these latter issues may be avoided.
Addressing these knowledge gaps will require a multidisciplinary approach, combining insights from technology, law, economics, and social sciences (Risius & Spohrer, 2017). However, only by filling these gaps can we unlock the full potential of blockchain and digital assets in managing copyright and patent distribution and drive the next wave of innovation in this field. As Risius & Spohrer (2017, p. 405) conclude, “investigations into consequences of different technological variations, into the business value of blockchain systems, and into their management and organization are fairly scarce. We conclude by urging researchers to take on the challenge”. As such, only by conducting more detailed research will businesses come to understand the technology entirely.
Research topic
The research topic delves into utilizing blockchain and digital assets for managing copyright and patent distribution. By leveraging the highly distributed and transparent quality of blockchain technology, organizations can establish secure and immutable systems for recording ownership, transfers, and licensing agreements of copyrighted and patented materials (Deepa et al., 2022). This section explores the current state of the field, identifying prevalent models and practices in innovation management while highlighting the challenges and dilemmas faced (Risius & Spohrer, 2017). The discussion encompasses methodologies such as Open Innovation, Blue Sky Thinking, Design Thinking, and Lean Startup and explores their influence on innovation management (Chesbrough & Tucci, 2020).
Moreover, this section emphasizes the potential role of blockchain and digital assets in addressing the challenges of innovation management (Bonnet & Teuteberg, 2022), including the consequences of enhancing collaboration, transparency, and measurement of innovation. Finally, the impact on industries and technologies, such as the creative sector and software development, is examined, considering both the positive opportunities and the challenges to be mitigated (Aoun et al., 2021). Overall, this research sheds light on integrating blockchain and digital assets in copyright and patent management, its implications, and the potential for transforming innovation management practices (Z. Wang et al., 2022).
Blockchain and digital assets for copyright and patent distribution
As van Haaften-Schick and Whitaker (2022, p. 287) show, “the Artist’s Contract, first developed in 1971, was not broadly adopted in its early decades, renewed interest in it fifty years later has led to inventive related structures that are enabled by blockchain technology”. As such, research utilizing blockchain and digital assets to manage copyright and patent distribution has immediate applications. Deploying this technology involves leveraging the distributed and transparent nature of blockchain technology to enhance the efficiency, security, and accessibility of copyright and patent transactions (Savelyev, 2018). By implementing blockchain-based solutions, organizations can establish a tamper-proof and immutable ledger that records ownership, transfers, and licensing agreements for copyrighted and patented materials. The application of this technology has the promise of improving many forms of digital exchange and intellectual property licensing.
Understanding the current theories and debates surrounding using blockchain and digital assets in copyright and patent management is crucial if these outcomes are to be implemented correctly. Existing theoretical discussions revolve around the potential of blockchain technology to disrupt traditional intermediaries and enable direct peer-to-peer transactions, eliminating the need for centralized copyright and patent authorities (Bonnet & Teuteberg, 2022). Additionally, debates exist regarding the scalability, privacy, and legal considerations of implementing blockchain solutions for copyright and patent distribution.
As copyright and patent laws differ across jurisdictions, exploring the legal implications and challenges of integrating blockchain and digital assets in managing intellectual property rights is paramount (Allen et al., 2020). Understanding the complexities of intellectual property laws and their interaction with blockchain technology will contribute to developing appropriate frameworks and regulations that align with the benefits and requirements of this approach to innovation.
Scholars can contribute to the knowledge base surrounding blockchain and digital assets in copyright and patent distribution by investigating this research topic. While these findings will provide insights into the current state of affairs and help identify areas for improvement, policy considerations, and potential solutions for optimizing copyright and patent management through these innovative technologies, they will also provide fundamental foundations that will enable the development of other types of technology and innovation management strategies. Significantly, as Leible et al. (2019) demonstrate, this technology may revolutionize intellectual property rules and change how open science and research are conducted.
Impact on industries or technologies
The creative sector, software development, and intellectual property management are among the industries that benefit most from these transformative effects. In utilizing blockchain and digital assets for copyright and patent distribution, both large and small businesses, as well as individual artists, can revolutionize the distribution of intellectual products to disrupt multiple industries and technologies, opening up new markets that were previously unexplored (van Haaften-Schick & Whitaker, 2022).
Blockchain and digital assets empower creators by providing a secure and transparent platform for protecting and monetizing their copyrighted works. The technology behind blockchain allows for the creation of new platforms that create opportunities by leveraging the distributed structure of blockchain. With such a system, creators can establish digital scarcity for their electronic files, ensuring their content retains value in a digital landscape where replication is effortless (Soares & Kauffman, 2018). When coupled with micropayments and instant transactions facilitated by blockchain, this technology enables the global distribution of content, reaching audiences and opening up markets that were not previously considered economically viable.
Similarly, in the realm of software development, blockchain and digital assets have the potential to revolutionize the distribution and licensing of software applications (Momoh et al., 2021). Using smart contracts and tokenization, developers can establish flexible licensing models that allow for granular control over software usage while ensuring fair compensation for their work. The transparency and immutability of blockchain also enhance trust and security within software supply chains, mitigating issues such as piracy, unauthorized modifications, and counterfeit software (Hastig & Sodhi, 2020).
While adopting blockchain and digital assets offers numerous benefits, challenges and potential negative impacts must be considered. Scalability remains a concern, particularly in industries with high transaction volumes, such as music streaming or digital content platforms (Truong et al., 2023). Regulatory frameworks that effectively address the legal implications of blockchain-based copyright and patent management are crucial to balance innovation and compliance with existing intellectual property laws (Gürkaynak et al., 2018).
Collaboration among industry stakeholders, policymakers, and technology experts is essential to maximize the positive impacts and mitigate potential negatives (Savelyev, 2018). Establishing industry-specific best practices and standards will guide the responsible and efficient adoption of blockchain and digital assets. Education and awareness initiatives will play a vital role in helping stakeholders understand the benefits, intricacies, and potential pitfalls associated with integrating blockchain technology (Xu et al., 2019). Continued research and development efforts are necessary to address technical challenges, improve scalability, and enhance the user experience when utilizing blockchain for copyright and patent distribution (Soares & Kauffman, 2018; Swan, 2015).
Overall, the impact of blockchain and digital assets on industries and technologies holds immense potential for positive transformation. By embracing these innovations while proactively addressing challenges, industries and technologies can adapt and thrive in a rapidly evolving digital landscape, unlocking new opportunities and expanding global access to content, creativity, and innovation. These benefits can also apply across the government (Ølnes et al., 2017). As Ølnes et al. (2017, p. 355)show, Blockchain technology, “BCT can be used for any change of ownership and the storage of important information and documents like certificates, licenses, government decisions, and legislation.”
Case Study: Micropayments in action
Blockchain technology has presented new opportunities for innovation and disruption in various industries, including music. Blockchain-based music distribution platforms, such as Ujo Music (O’Dair et al., 2016), have emerged as potential solutions to address the challenges of copyright management, fair compensation, and transparent royalty distribution (Yahya & Habbal, 2021). While Ujo Music initially built its platform on the Ethereum blockchain, the limitations of Ethereum (Potts & Rennie, 2019), including high transaction fees and scalability issues, have prompted the exploration of alternative blockchain networks (Alharby & van Moorsel, 2017). This case study examines the potential of Bitcoin (BSV) as a more efficient and cost-effective solution for music rights management and intellectual property protection within the context of Ujo Music.
- Limitations in Music Distribution with Ethereum (Song et al., 2021)
Ethereum, with its smart contract capabilities and distributed node architecture, played a significant role as a proof of concept in enabling platforms like Ujo Music to empower artists and revolutionize the music industry. However, the scalability challenges of Ethereum lead to rising transaction fees, which have hindered the seamless execution of micropayments and affected the overall user experience (Ray, 2023). As music distribution platforms seek to enable fair compensation and transparent royalty distribution, the limitations of Ethereum have prompted businesses to explore alternative blockchain networks.
Further, despite the hype, Ethereum is distributed but not decentralized (Walch, 2018). The management of the Ethereum Foundation controls the development path. Rather than allowing the system to progress as an open protocol, individuals controlling this foundation dictate the future of the system and, in making changes to the underlying protocol, create rules that determine who will win and lose in an industry. While some authors analyze control from the point of view of distribution (De Collibus et al., 2022), the analysis should be simple. The question would be whether the protocol is fixed or if some party can change it to the detriment of others. Hence, despite the misleading term representing decentralization related to the systems node structure, the control of the Ethereum system is incredibly centralized.
- Bitcoin SV as an Efficient Solution
Bitcoin SV (BSV) has emerged as a potential alternative for blockchain-based music distribution platforms, offering scalability, low transaction costs, and enhanced data storage capabilities. The larger block size and improved transaction processing capabilities of BSV make it well-suited for handling high transaction volumes, enabling efficient micropayments, and rapid royalty distribution (Porras, 2023). This scalability advantage over Ethereum positions BSV as a promising solution for cost-effective transactions within music distribution platforms.
- Transparent Royalty Distribution with BSV
The transparency and immutability of BSV facilitate accurate and auditable royalty distribution, instilling trust in the music ecosystem (Tartan, 2023). By leveraging BSV, platforms like Ujo Music can ensure that artists receive fair compensation without the burden of high transaction fees. BSV’s data storage capabilities also provide a robust foundation for copyright management, securely recording ownership and licensing agreements.
- Enhanced User Experience and Direct Artist-Fan Engagement:
BSV’s low transaction costs enable music platforms to offer cost-effective micropayments, fostering enhanced user engagement and a more vibrant music ecosystem. As a result, artists can establish direct connections with their audience, receiving immediate and fair compensation for their creative works (Taskinsoy, 2019). In addition, the efficient execution of micropayments on BSV enhances user satisfaction, as listeners can directly support their favorite artists without intermediaries.
- Beyond Ujo Music: Exploring Bitcoin SV in Music Rights Management
The integration of BSV extends beyond Ujo Music, as other blockchain-based platforms, such as PeerTracks, have leveraged Bitcoin for music rights management. By tokenizing music and ensuring transparent royalty distribution, BSV enables artists to retain control over their intellectual property and establish direct connections with their fans (Tartan, 2023). Verisart, a platform for art and collectibles, also benefits from BSV’s transparency and immutability, enabling verifiable certificates of authenticity and secure transactions.
The limitations of Ethereum, including high transaction fees and scalability challenges, have prompted businesses like Ujo Music to explore alternative blockchain solutions. Bitcoin SV (BSV) emerges as a potential solution for blockchain-based music distribution platforms, offering scalability, low transaction costs, and transparent infrastructure. Leveraging BSV enhances music rights management, enabling fair compensation, transparent royalty distribution, and secure copyright management. As exploring alternative blockchain networks continues, BSV presents an opportunity for innovation, greater inclusivity, and direct artist-fan engagement within the music industry (Taskinsoy, 2019). This case study highlights the transformative potential of BSV for music rights management and intellectual property protection, demonstrating the need for further research and exploration of alternative blockchain networks within the music industry and beyond.
Future directions
In this section, we explore the future directions of innovation management in light of blockchain and digital assets. First, we discuss specific areas of further research related to these technologies and their potential benefits for copyright and patent distribution. By identifying the gaps in knowledge and understanding, we can outline the areas that require further exploration and offer recommendations for future research. Additionally, we consider the potential impact of the chosen research topic on the broad field of innovation management (Bonnet & Teuteberg, 2022). Furthermore, we discuss the implications for future social change that arise from integrating blockchain and digital assets in managing intellectual property, promoting innovation, and enhancing accessibility to creative and patented works. Through these discussions, we aim to provide insights into the future trajectory of innovation management and the transformative potential of blockchain and digital assets in driving positive change (Baudier et al., 2022).
Potential areas of further research
Blockchain and digital assets have the potential to bring significant benefits to intellectual property management, innovation management, and the accessibility of copyrighted and protected material. In terms of intellectual property, blockchain technology can provide a secure and transparent platform for protecting and monetizing creative works (Centorrino et al., 2022). By leveraging distributed nature of a blockchain, creators in industries such as art, music, and writing can establish digital scarcity for their electronic files, ensuring that their content retains value in a digital landscape where replication is effortless (Tartan, 2023). This creates new opportunities for creators to directly connect with their audience and receive fair compensation for their creations. The transparency and immutability of blockchain also enhance trust in intellectual property rights, allowing for quick and easy verification of ownership and reducing the risk of infringement (Ølnes et al., 2017).
Innovation management stands to benefit from the integration of blockchain and digital assets. These technologies enable enhanced collaboration and transparency, fostering open innovation. Blockchain’s decentralized nature reduces reliance on intermediaries, enabling direct peer-to-peer transactions and removing unnecessary barriers in the innovation process (Fraga-Lamas & Fernandez-Carames, 2020). This can lead to more efficient sharing of ideas, increased participation from diverse stakeholders, and faster development and implementation of innovative solutions. Moreover, blockchain’s ability to track and record the entire innovation journey, from idea generation to implementation, provides valuable data for measuring and evaluating innovation outcomes, contributing to evidence-based decision-making and improving innovation management practices.
Blockchain and digital assets can revolutionize the distribution and licensing of copyrighted and patented materials (Aoun et al., 2021). In the creative industries, for example, blockchain can empower creators by providing a secure platform for protecting and monetizing their works. Through smart contracts and tokenization, developers can establish flexible licensing models, enabling granular control over the usage of copyrighted material and ensuring fair compensation. Blockchain’s transparency and immutability also enhance trust and security within intellectual property supply chains, mitigating issues such as piracy, unauthorized modifications, and counterfeit material.
While blockchain and digital assets present numerous benefits, challenges and potential adverse impacts exist. Scalability remains a concern (Malik et al., 2022), particularly in industries with high transaction volumes, as blockchain networks must handle many copyright and patent transactions. Regulatory frameworks must be developed to effectively address the legal implications of blockchain-based intellectual property management, striking a balance between innovation and compliance with existing laws. The user experience and adoption of blockchain solutions also require attention, ensuring that interfaces and interactions are user-friendly and intuitive while promoting awareness and trust among creators, consumers, and intermediaries (Walch, 2019).
Further research is necessary to address the knowledge gaps and fully explore the potential of blockchain and digital assets in managing copyright and patent distribution. Areas of research include scalability solutions to handle large transaction volumes (Bez et al., 2019), interoperability, and standards to facilitate seamless interaction between different networks, legal and regulatory frameworks to ensure compliance with intellectual property laws, user experience, and adoption strategies, economic and business models enabled by blockchain technology, and security and privacy considerations within blockchain systems. Investigating these areas can deepen our understanding and maximize the benefits of blockchain and digital assets in intellectual property management and innovation. This can enable quick and easy access to copyrighted and protected material while providing robust protection for creators’ ideas and intellectual property rights (Gürkaynak et al., 2018).
Impact on innovation management research
The research topic on utilizing blockchain and digital assets for copyright and patent distribution holds significant potential for impacting innovation management. Integrating blockchain technology and digital assets in innovation management practices can bring about transformative changes, leading to advancements in collaboration, transparency, and measurement of innovation outcomes (Baudier et al., 2022).
One of the primary areas where the impact will be felt is in scaling innovation management processes. Blockchain’s distributed and scalable characteristics offer the possibility of handling large transaction volumes and accommodating the growing demand for innovation initiatives. Innovative management can handle increased participation, collaboration, and transactional activities with scalable blockchain architectures (Dang et al., 2019). This scalability will open up new avenues for managing and scaling innovation in organizations, fostering the exploration of new ideas and accelerating the implementation of innovative solutions.
Moreover, integrating micropayments facilitated by digital assets has the potential to revolutionize the incentive structure in innovation management. By leveraging blockchain technology, micropayments can be seamlessly delivered, enabling fair compensation and recognition for contributors at every stage of the innovation process. This shift towards micropayments aligns with the concept of Open Innovation and encourages a more inclusive and collaborative innovation ecosystem (Fraga-Lamas & Fernandez-Carames, 2020). In the next 3-5 years, we can expect a significant impact on innovation management research as scholars delve deeper into understanding the dynamics of micropayments and the influence on driving creativity, motivation, and innovation outcomes.
The potential effect on the overall field of innovation management lies in the advancement of measurement and evaluation methodologies. The transparency and immutability of a blockchain provide a robust foundation for capturing, tracking, and analyzing innovation data. Researchers can access reliable, real-time data on innovation activities, outcomes, and impacts by leveraging the capabilities of a blockchain. This enables a more objective evaluation of innovation performance, enhances evidence-based decision-making, and facilitates continuous improvement in innovation management practices (Li & Fang, 2021). As innovation management embraces the integration of blockchain and digital assets, we can anticipate the emergence of new measurement frameworks and methodologies that capture the complex dynamics of innovation ecosystems.
Furthermore, the research topic holds the potential to spur interdisciplinary collaboration and cross-pollination of ideas. Applying blockchain and digital assets in innovation management bridges the gap between technology, law, business, and social sciences. Scholars from various disciplines will come together to explore the implications, challenges, and opportunities arising from this integration. This interdisciplinary collaboration will foster a holistic understanding of innovation management, encouraging the development of comprehensive frameworks that account for technical, legal, economic, and social dimensions (Gupta et al., 2023).
Finally, the research topic on utilizing blockchain and digital assets for copyright and patent distribution is poised to substantially impact innovation management in the next 3-5 years. Scaling innovation management processes, leveraging micropayments, advancing measurement methodologies, and promoting interdisciplinary collaboration are among the key areas where the impact will be felt (Leible et al., 2019). As organizations increasingly adopt blockchain and digital assets in their innovation practices, researchers and practitioners alike will advance the knowledge and understanding in the field, driving positive change in how innovation is managed and fostering a more efficient and inclusive innovation ecosystem (Tartan, 2023).
Implications for future social change
Utilizing blockchain and digital assets for copyright and patent distribution carries significant implications for future social change (Gürkaynak et al., 2018). By embracing these technologies, several transformative outcomes can be envisioned, particularly in intellectual property management, the democratization of innovation, and the accessibility of creative and patented works.
Regarding intellectual property management, blockchain, and digital assets offer the potential to establish a more transparent and equitable system. The distributed nature of blockchain reduces the reliance on centralized intermediaries, enabling creators to have more direct control over their intellectual property rights (Chin et al., 2022). This shift empowers creators by providing them with increased autonomy, fair compensation, and the ability to securely and tamper-proof their works. As a result, intellectual property management becomes more inclusive, fostering a sense of ownership and incentivizing creativity and innovation.
The democratization of innovation is another area where blockchain and digital assets can contribute to social change (Wan et al., 2022). These technologies enable broader participation and collaboration, allowing individuals from diverse backgrounds and geographical locations to contribute their ideas and expertise. By eliminating barriers and intermediaries, blockchain facilitates direct peer-to-peer interactions, unlocking new opportunities for innovation (Savelyev, 2018). This shift towards democratization can lead to the emergence of novel solutions, the inclusion of marginalized voices, and the acceleration of societal progress through collective intelligence (Oliveira et al., 2020).
Furthermore, the accessibility of creative and patented works can be significantly enhanced by integrating blockchain and digital assets. Blockchain technology allows for the secure and transparent distribution of content, ensuring that creators’ works are readily available to audiences worldwide (Fraga-Lamas & Fernandez-Carames, 2020). Furthermore, micropayments enabled by digital assets can facilitate instant and frictionless transactions, enabling consumers to seamlessly access and compensate creators for their contributions. This accessibility promotes cultural exchange, enables niche markets to thrive, and provides a platform for underrepresented creators to showcase their talent and reach global audiences.
The combination of intellectual property management, the democratization of innovation, and enhanced accessibility have the potential to drive positive social change. As more individuals gain control over their creative outputs and are fairly rewarded for their contributions, socioeconomic disparities may decrease (Tartan, 2023). Moreover, the decentralized and inclusive nature of blockchain and digital assets fosters collaboration, diversity, and cooperation, creating an environment where collective creativity and problem-solving can flourish. Moreover, the accessibility of creative and patented works enriches cultural diversity, expands knowledge sharing, and empowers communities to shape their narratives and experiences.
However, it is crucial to recognize that the mere adoption of blockchain and digital assets does not guarantee social change. These technologies should be deployed in a manner that considers the ethical, legal, and social implications (Allen et al., 2020). Ensuring inclusivity, addressing privacy concerns, and actively working to bridge the digital divide are essential to realizing the full potential of blockchain and digital assets for positive social change.
In conclusion, integrating blockchain and digital assets in copyright and patent distribution has profound implications for future social change. By promoting fairer intellectual property management, democratizing innovation, and enhancing accessibility to creative and patented works, these technologies pave the way for a more inclusive, collaborative, and culturally rich society. However, to harness the transformative power of these technologies, it is essential to navigating potential challenges responsibly, ensuring that all stakeholders realize the benefits of blockchain and digital assets and contribute to a more equitable and vibrant future (Centorrino et al., 2022; O’Dair et al., 2016).
Conclusion
To finish, this paper has explored the role of blockchain and digital assets in innovation management, specifically focusing on copyright and patent distribution (Baudier et al., 2022). The analysis of the field highlighted the current state of innovation management, prevalent models, and practices while also identifying the gaps in knowledge that necessitate further research. Finally, the research topic delved into the definition and background of blockchain and digital assets for managing copyright and patent distribution, addressing current theories and debates (Bonnet & Teuteberg, 2022).
It has become evident that blockchain and digital assets have the potential to bring significant benefits to intellectual property management, innovation management, and the accessibility of creative and patented works debates (Bonnet & Teuteberg, 2022). By using developments that integrate the distributed structure of blockchain, creators can establish digital scarcity for their electronic files, protecting and monetizing their works. In addition, integrating blockchain and digital assets fosters collaboration, transparency, and measurement of innovation outcomes, enhancing innovation management practices. Furthermore, these technologies enable the secure and transparent distribution of creative and patented works, promoting accessibility and cultural exchange (Leible et al., 2019).
The implications for future social change are noteworthy (Swan, 2015). Blockchain and digital assets democratize innovation, empower creators, and foster a more inclusive and collaborative environment. They also hold the potential to reduce socioeconomic disparities by providing fair compensation and rewarding creativity. However, responsible adoption is crucial to address scalability, legal frameworks, user experience, and privacy challenges. While this technology can empower artists and creators (van Haaften-Schick & Whitaker, 2022) if implemented poorly, it also can facilitate criminal activity (Faccia et al., 2020).
The impact on the overall field of innovation management is substantial. Blockchain and digital assets offer opportunities to scale innovation management processes, introduce micropayments, advance measurement methodologies, and promote interdisciplinary collaboration. These developments will shape the future of innovation management, fostering more efficient, inclusive, and evidence-based practices (Gupta et al., 2023). Most critically, micropayments will reduce barriers to exchange and the various problems noted by Kenneth Arrow (1962) when analyzing transaction costs. By pushing down fees, exchanges can be made at levels that were previously unforeseen or more likely not considered.
In conclusion, understanding and leveraging Blockchain and digital assets in innovation management is paramount, particularly for copyright (Centorrino et al., 2022) and patent distribution (Bonnet & Teuteberg, 2022). Embracing these technologies can revolutionize how intellectual property is protected, creativity is rewarded, and innovation is managed. Organizations, policymakers, and researchers should collaborate to address challenges, develop standards, and foster responsible adoption. By harnessing the potential of blockchain and digital assets, we can unlock new possibilities, drive social and economic transformation, and create a more equitable and vibrant innovation ecosystem.
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