Lumina Datamatics Cuts Rights Acquisition Time and Costs with RapidRightsChain, a Blockchain Solution
Lumina Datamatics has upgraded its market-leading tool, RightsPlatform, to automate the rights acquisition process. RightsPlatform has helped users track rights for millions of assets, and it has been the chief source of auditable, transactional details for dozens of clients. Now, RapidRightsChain, backed by blockchain, unlocks the ability for instant transactions.
“taking place across many countries with dozens of deliverables included. These transactions need to be instant and accommodate all the demands of international business exchanges.”
Says Vice Chairman Vidur Bhogilal, “For dozens of years, our clients have hired photo researchers and data processors to find imagery, negotiate rights, and manually enter those rights into spreadsheets and databases. With blockchain, we can automate all the steps of requesting, creating POs, and creating grants with all parties in the transaction receiving ledger entries and verifications.”
Many rights agreements between publishers and stock imagery companies are now standardized. In RightsPlatform, someone with limited knowledge of rights and permissions could already conduct research from a well-vetted collection of sources. With RapidRightsChain, authors, editors, and designers can now quickly and easily approve their image, send their rights request with one click and receive their licensing grant without leaving the system or additional data entry. This dramatically lowers the cost of acquisitions and increases the control of creators in the process. The role of the rights researcher becomes more sophisticated — only reserved for the most difficult licensing negotiations.
In addition, rights transactions can either involve lengthy payment wait times or high service fees. RightsPlatform is finalizing instant payment features through the cryptocurrency LightPayCoin, which has the potential to greatly lower transaction fees, provide instant payments to rights holders, and allow them to swap tokens for their country’s fiat. “Rights transactions are increasingly sophisticated,” says Bhogilal, “taking place across many countries with dozens of deliverables included. These transactions need to be instant and accommodate all the demands of international business exchanges.”
LightPayCoin is a third-generation fork off the Bitcoin code base and is primarily targeted at fast, anonymous, automated transactions with multiple fiat and cryptocurrency conversion options.
“Education and content creation are global,” says Bhogilal. “With these capabilities, we’re enabling creators to monetize content from any part of the globe.”