China Financial Media Protection Alliance uses the Blockchain copyright system

2018 was not easy for cryptocurrency supporters. Even those who have not suffered from the tremendous losses of this year's big bear market must be aware of some of the damaging news coming out of the mass media regarding cryptocurrencies and expanding cryptic space. The scams are everywhere, regulators continue to increase the confusion, and the moves by big names in cryptography have raised trouble in recent months.

But even considering all the evil, it is sometimes important to remember that the cryptocurrency markets have produced a significant development of one of the most important advances of the fintech in the last ten years: blockchain technology. Blockchain has always been hailed as an incredible innovation. Inside, blockchain is simply a distributed ledger used to store and transmit data. Its first applications were based primarily on its original purpose, to contain and move financial information and transaction data through its network.

But as the blockchain developed, it became the solution to a myriad of problems concerning the storage, transmission, and verification of data across multiple networks. Universities used blockchain technology to store records and information on grades, governments used technology to securely store government files and even hospitals found their use for blockchain technology in their important infrastructure.

To close the end of this winter crypt, some good news has come China. A copyright alliance in the media industry in Beijing recently announced its intention to provide unique copyright protection and verification services, being the blockchain used as the main technology behind their platform. The announcement arrives on December 19th^thwith members of the International Finance News agency on the subject.

Improved systems and mechanisms

The new organization uses blockchain technology primarily to provide initial authentication documentation when original works are created and sent to the system. As an added benefit, once a copyright infringement has been detected on a site within the system, it immediately collects the necessary evidence to prosecute. China strict copyright laws.

Part of the effectiveness of the system will derive from the degree of participation of agencies across the country. Over 30 major outlets in the country have joined the alliance, dubbed the "Alliance for the Protection of Intellectual Property Rights", giving it significant weight as an organization in the financial news industry. As it continues to grow in participation, it will probably be even more effective in combating the violent copyright abuses that occur in the country's expanding financial news industry.

This organization seems to follow closely the footsteps of another alliance founded in Hong Kong, made up of over 100 media companies, called the Global Media Blockchain Alliance. Blockchain seems to make enough splash in the copyright industry, and with good reason. Blockchain tech is an immutable and decentralized ledger, which makes it the perfect mechanism for verifying and archiving data relating to the authenticity of the original works.

Despite the fate and sadness of 2018 for cryptocurrency, blockchain continues to be used globally as a potential solution to hundreds of problems afflicting the business world.