Abstract
This article offers a normative analysis of key blockchain technology concepts from the perspective of copyright law. Some features of blockchain technologies—scarcity, trust, transparency, decentralized public records and smart contracts—seem to make this technology compatible with the fundamentals of copyright. Authors can publish works on blockchain creating a quasi-immutable record of initial ownership, and encode ‘smart’ contracts to license the use of works. Remuneration may happen on online distribution platforms where the smart contracts reside. In theory, such an automated setup allows for the private ordering of copyright. Blockchain technology, like Digital Rights Management 20 years ago, is thus presented as an opportunity to reduce market friction, and increase both licensing efficiency and the autonomy of creators. Yet, some of the old problems remain. The article examines the differences between new, smart-contract-based private ordering regime and the fundamental components of copyright law, such as exceptions and limitations, the doctrine of exhaustion, restrictions on formalities, the public domain and fair remuneration.
Highlights
Blockchain is the latest in the series of digital technologies that, due to their decentralized, horizontal, distributed and open source nature, are expected to cause fundamental and large scale changes in how our current social, economic, politicalVC The Author(s) (2018)
This article offers a normative analysis of key blockchain technology concepts from the perspective of copyright law
Remuneration may happen on online distribution platforms where the smart contracts reside
Summary
Blockchain is the latest in the series of digital technologies that, due to their decentralized, horizontal, distributed and open source nature, are expected to cause fundamental and large scale changes in how our current social, economic, politicalVC The Author(s) (2018). Bitcoin uses distributed ledger technology (DLT) to keep track of the supply and flow of the virtual tokens of a financial instrument in a decentralized, disintermediated and demonstrably secure manner. It is, in the words of its enigmatic creator(s), ‘a peer-to-peer electronic cash system’ and an ongoing proof of concept.[5] Even if Bitcoin fails to establish itself as a stable mainstream currency, its underlying technological design allows individuals to anonymously (or at least pseudonymously) exchange tokens of value with each other in a safe and secure manner, with little or sometimes no reliance on traditional trusted intermediaries, like banks.[6] The high visibility of blockchain in the cryptocurrency area has prompted widespread exploration of its application to other domains, including copyright
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