The Russian Authors Society (RAO) will launch a Blockchain platform for intellectual property-secured loans. CEO Alexander Sukhotin has revealed that the project, CoFi, is at its final stages and the supposed launch date is Q1 2019. The platform intends to bring together potential intellectual property rightholders and investors that are ready to provide loan funds.
The intellectual property market is facing a significant need for a system that will enable direct communication between rightsholders and investors, in order to issue loans secured by patents and other forms of intellectual property, Sukhotin stated at a roundtable entitled “Cult & Tech: New Content Economy” at the International Cultural Forum in St. Petersburg.
The upcoming blockchain-enabled platform will not be limited by type of intellectual property, but will include patents, musical works, and visual art. At the current stage, the company is looking for expertise in the field by evaluating various forms of ownership.
Recently, the State Tretyakov Gallery in Moscow announced the launch of blockchain-based art patronage system that allows entities to conduct private donations in order to digitize a certain item from the gallery’s collection – thereby becoming the artwork’s patron.