Distributed Creativity: How Blockchain Technology will Transform the Creative Economy

1 Introduction

Blockchain technology

The creative industries

Methodology

Conclusion

2 Blockchain: the internet of value  

From bitcoin to blockchain

Blockchain 2.0: smart contracts and DApps

Tokenonomics: blockchains and value

Conclusion

3 Opportunities for the creative industries

Ownership

Attribution

Distributed IP databases

Distributed ownership

Smart, transparent payments and licensing

Licensing

Royalty payments

Transparency

Increased control

Setting parameters for pricing and using creative works

Setting parameters for pricing and using tickets

New business models

Consumption data

Digital scarcity

Smart droit de suite payments
Tokens

Conclusion

4 Barriers to adoption

Political

Economic

Social

Technological

Legal

Environmental

Conclusion

5 Risks of adoption

Political

Economic

Social

Technological

Legal

Environmental

Conclusion

6 Conclusion and recommendations  

Recommendations

Recommendation 1: Embed blockchain technology in the Industrial Strategy and creative industries 'sector deal'.

Recommendation 2: Establish a cross-sector, cross-departmental blockchain working group.

Recommendation 3: Publish clear guidelines on the treatment of cryptocurrencies and tokens

Recommendation 4: Establish blockchain innovation hubs around the UK.

Recommendation 5: Invest in the blockchain talent pipeline through schools and universities.

Recommendation 7: Consider how best to regulate cryptocurrency exchanges in the UK.

Recommendation 8: Take the lead in working towards global, multi-stakeholder blockchain governance.

Appendix: interview transcripts

Artos

Blokur

CryptoKitties

FilmChain

GUTS

Maecenas Fine Art

Publica           

Verisart

Index