PLYMOUTH, Mass.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BlockchainSolution?src=hash” target=”_blank”gt;#BlockchainSolutionlt;/agt;–Lumina Datamatics has upgraded its market-leading tool, RightsPlatform,
to automate the rights acquisition process. RightsPlatform has helped
users track rights for millions of assets, and it has been the chief
source of auditable, transactional details for dozens of clients. Now,
RapidRightsChain, backed by blockchain, unlocks the ability for instant
transactions.

Says Vice Chairman Vidur Bhogilal, “For dozens of years, our
clients have hired photo researchers and data processors to find
imagery, negotiate rights, and manually enter those rights into
spreadsheets and databases. With blockchain, we can automate all the
steps of requesting, creating POs, and creating grants with all parties
in the transaction receiving ledger entries and verifications.”

Many rights agreements between publishers and stock imagery companies
are now standardized. In RightsPlatform, someone with limited knowledge
of rights and permissions could already conduct research from a
well-vetted collection of sources. With RapidRightsChain, authors,
editors, and designers can now quickly and easily approve their image,
send their rights request with one click and receive their licensing
grant without leaving the system or additional data entry. This
dramatically lowers the cost of acquisitions and increases the control
of creators in the process. The role of the rights researcher becomes
more sophisticated — only reserved for the most difficult licensing
negotiations.

In addition, rights transactions can either involve lengthy payment wait
times or high service fees. RightsPlatform is finalizing instant payment
features through the cryptocurrency LightPayCoin, which has the
potential to greatly lower transaction fees, provide instant payments to
rights holders, and allow them to swap tokens for their country’s fiat.
“Rights transactions are increasingly sophisticated,” says Bhogilal,
“taking place across many countries with dozens of deliverables
included. These transactions need to be instant and accommodate all the
demands of international business exchanges.”

LightPayCoin is a third-generation fork off the Bitcoin code base and is
primarily targeted at fast, anonymous, automated transactions with
multiple fiat and cryptocurrency conversion options.

“Education and content creation are global,” says Bhogilal. “With
these capabilities, we’re enabling creators to monetize content from any
part of the globe.”

About Lumina Datamatics

Lumina Datamatics is a specialized content, and technology solutions
provider through its innovative platforms, products, and services. For
more information, visit http://luminadatamatics.com/.

Contacts

Ravindran Viswanathan
[email protected]