PHOTOCHAIN: The Stock Photography Revolution
There are few markets which seem more suited for blockchain technology than the stock photography industry. Photographers who submit their work to stock photo websites are currently unable to set their own price, and it’s common for them to be paid less than 25% of the money made from their sold works. Many will have to wait several weeks before they receive this relatively small cut.
Photographers registered with these websites often struggle with copyright claims, which can also take weeks to be resolved. It’s the classic example of an industry where the presence of a ‘middle man’ dilutes and slows down the rewards for those putting the hard work in.
Thankfully, these problems could be a thing of the past thanks to a revolutionary start-up, Photochain.
Photochain connects buyers and sellers of stock photography using blockchain technology, eliminating the need for a middleman and allowing faster, fairer payments for photographers.
Photochain vs traditional stock photo websites
Photographers using Photochain will be able to set their own pricing for their photography and take home 95% of the earnings. Payments will be verified using smart contract technology and reach photographers within 10 seconds. Compare this to one of the most popular decentralized competitors which pay out 23% of total profits after one month.
The fight against copyright will be solved by Photochain’s blockchain-based Digital Copyright Chain (DCC). Users must have their identity verified by the DCC, which will immediately link each uploaded photo to the user who uploads it. This link exists permanently in the immutable blockchain. What’s more, each uploaded image is scanned against the DCC library of existing photos for copyright infringement.
Buyers are forwarded a digital copy of their purchased photos, and this transaction is also written permanently into the blockchain, so all legal license holders are known. Powerful technology like this does not exist with traditional stock photo websites.
The Photochain ICO starts on 5 April
The cryptocurrency used for transactions in the Photochain blockchain will be called PHOTON Tokens (PHTs).
The ICO to get your hands on these tokens will begin on 6 April. It will last 30 days, or until the hard cap of 230 million tokens is sold.
Some 79% of these tokens will be made available during the crowd sale, while 11% are distributed to the team and management, 7% to bounties and partners and 3% given to the legal and advisory team. The use of the proceeds generated from the sale are detailed in full on the Photochain website.
Photochain recognized at Blockchain Leadership Summit
The potential for Photochain to change the world was recognized by many peers at the Blockchain Leadership Summit, held in Zurich in March. The project took home third place in the ICO Pitch Competition.
Photochain was the vision of CEO Stanislav Stolberg, who is a keen photographer and has an extensive background in blockchain technology and IT consultancy.
Explaining his desire to start the project, he said: “As a hobby photographer, I found the incumbent photo stocks just far too difficult to navigate. Too many rules and restrictions made me not want to use them, as I felt I was not able to share my photos how I wanted to. As a keen technologist, blockchain immediately jumped out to me as the answer.
Visit the Photochain website to learn more about the project, watch the pitch in Zurich, read the whitepaper and get involved with the ICO.