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ecentralized bond protocol DeBond, iQIYI, one of China's largest internet streaming services with over 100 million subscribers, is using Ethereum smart contract standard ERC-3475 to fix copyright-related concerns.

According to the press release, iQIYI will use smart contracts built in accordance with the ERC-3475 standard to help solve copyright-related issues such as disputes, secondary creations, and copyright investment in authors' works. The smart contracts are implemented on a private consortium chain launched by iQIYI and nodes supplied by the copyright holder.

DeBond invented the ERC-3475 smart contract standard. DeBond co-founder Yu Liu stated that it was originally created to allow issuers to manage multiple bonds of various categories, interest rates, and redemption conditions within one smart contract. Bonds are financial instruments that represent the issuer's loan.

In iQIYI's application, the smart contract can enable users to keep additional specifications, such as metadata, values, and transactions, in a digital token without the requirement for external on-chain or off-chain storage.

According to the announcement, IQIYI will launch a public test of the smart contract within the first quarter of 2023.

iQIYI CEO Gong Yu stated in November that he hoped to crack down on plagiarism of iQIYI's original TV series in 2021 after the platform detected 270,000 videos cribbed from the platform's hit drama "My Heroic Husband."

iQIYI debuted a copyright blockchain in 2019 that enables users to upload videos for licensing confirmation.

What do you think of iQIYI's decision to use a smart contract for copyright disputes? Drop your comments by sharing this article on social media.

Posted 
Oct 24, 2022
 in 
Crypto News
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