‘Chinese Netflix’ iQIYI uses ERC-3475 smart contracts to settle copyright disputes
iQIYI, one of China’s biggest online video platforms with over 100 million members is using the Ethereum smart contract standard ERC-3475 to handle copyright-related difficulties, according to a news release published on Sunday by the standard’s creator, the decentralized bond protocol DeBond.
According to the press release, iQIYI will deploy ERC-3475-compliant smart contracts to address copyright-related problems such as disputes, secondary creations, and copyright investment in authors’ works. The smart contracts operate on a private consortium chain started by iQIYI with nodes supplied by the copyright issuer.
ERC-3475 is a standard for smart contracts developed by DeBond. Yu Liu, a co-founder of DeBond, said that it was initially intended to enable issuers to manage many bonds of various classifications, interest rates, and redemption conditions under a single smart contract. Bonds are debt securities that indicate the issuer’s receipt of loans.
In iQIYI’s application, the smart contract may enable users to store extra specifications, such as information, values, and transactions, in a digital token without requiring external storage on-chain or off-chain. According to the release, IQIYI will conduct a public test of the smart contract in the first quarter of 2023.
Last November, iQIYI CEO Gong Yu said that he planned to tighten down on plagiarism of iQIYI’s original TV series, as the platform had spotted 270,000 videos stolen from its successful drama “My Heroic Husband” in 2021.
iQIYI established a copyright blockchain in 2019 that enables users to submit videos for copyright verification.