Creative Barcode engaged Cryptonomy – then MetaLair – to explore whether their centralised system could be migrated to a database virtualised onto a decentralised blockchain and extended to an automated image licensing process with direct to Creator payment system.
Creative Barcode (UK) recognised by the World Intellectual Property Organisation (WIPO), is a service that benefits creators, designers, innovators and brand-owners. It offers a digital platform that protects early-stage projects, so they can be shared between concept and completion — the vulnerable period before designs, trademarks or patents applications can be registered.
Through Creative Barcode, users can not only register but also correctly attribute, protect and license their creative works quickly, at low cost, worldwide. Members are also able to make available under license (or outright sale) their Intellectual Property (IP) to other members and registered users of the Creative Barcode system.
As Creative Barcode’s system currently resides on a centralised database, Cryptonomy was appointed to explore the possibility of migrating their current centralised system into a decentralised blockchain, which should then be extended to an automated image licensing process including a direct-to-creator payment system.
Cryptonomy was engaged to undertake a business and technical feasibility study to establish whether the migration was technically possible. We were also to architect a complete solution and identify implementation implications, including an estimative of time frame and costs, that could be used to to support a private fundraise exercise.
The four-week feasibility study resulted in a report, basic system design and recommendations for the successful implementation of the new system. Creative Barcode has been able to utilise Cryptonomy’s expertise to validate its new business model and support its investor slide deck and due diligence requirements.
Currently, Creative Barcode is gearing up for a potential ICO, as well as continuing discussions with key investment funds and syndicates.
It is not always clear how a cryptocurrency or blockchain solution can be valuable in your industry. We have been providing this type of advice to our clients since 2012. If you want to know how this new technology can help your business, please get in touch.
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