Blockchain Platform For Russian Authors’ Society

Dawid Paluch
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Another association in Russia wants to create a platform based on the blockchain. Russian Authors’ Society (RAO), a non-governmental organization (NGO), will use the blockchain technology to develop a financial program for intellectual property-secured loans.

Last month, atomic organization of Russia said that it is going to develop the blockchain technology to its use.

Loan funds

The project is called CoFi. Alexander Sukhotin, the CEO of RAO, claims that the platform is at the final stage of the development process. According to the CEO, the society intends to bring together intellectual property rights holders and investors.

The intellectual property market needs a system which communicates lenders and rights holders directly. The blockchain technology should allow to do that in a safe manner. Sukhotin said that the platform will provide a place to issue loans secured by patents and other forms of intellectual property, including music work, visual art and others.

Right now, the Russian Authors’ Society is looking for experts, who could evaluate numerous forms of ownership.

Other blockchain-based ventures

That’s not the first time when companies in Russia have tried to implement the blockchain technology.

Besides the atomic organization of Russia, other firms have announced the launch of blockchain-based developments. A few days ago, the State Tretyakov Gallery in Moscow released its plan to create art patronage system.

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