PHOTOCHAIN

PHOTOCHAIN

Currently we are living in an innovative 3.0 web era that enables global human networks, with the help of high data and high data throughput. Use of blocker technology with a peer-to-peer (p2p) system safely and securely, without central maintenance. This technology opens new horizons for architecture and software applications.

It provides a list of safe and verifiable transactions that are available to all users at any given time. With so-called Smart Contracts, blockchain ethereum technology opens the possibility for the correct arrangement of digital deals using machines. Therefore, the conditions for completing the contract are met only if both parties have fulfilled the part. Thus, the machine leaves no room for harmful interference.

With the Photochain p2p platform, we released a new concept as the next generation of stock photography platform. We use this technology to conduct fair trade p2p between digital works between artists and buyers.

Thus, the specific usage requirements for this platform, safe terms of trade, are uncomplicated and fair for both parties. Wait, the artist receives up to 95% of the final sale price.

Photochain’s Mission

Photochain gives clear advantages over conventional photo stocks to both kinds of users: contributors and customers. Contributors at Photochain benefit from an extremely low fee – only 5% of the selling price.

This opportunity to keep 95% of the final sale price allows contributors to offer their work cheaper, and consequently the market becomes more affordable for customers. This type of fair market not only benefits the users, but should benefit the photography industry as a whole, as the possibility of increased income incentivizes contributors to perform better.

These profound market changes are only made possible by using blockchain technology, Smart Contracts, machine learning and Photochain’s own user community. Most of the processes become automated and decentralized, significantly reducing costs of platform governance.

It’s unavoidable that more and more stock photography contributors and customers will prefer to use Photochain.

The development of the Photochain platform is an ambitious and organically growing process. Our main aims for the project come under three significant prongs:

• P2P Marketplace

It is very important to us that only the artist themselves can determine the value of their work and that they are given the opportunity to offer their work to lots of potential buyers. Our platform provides this opportunity which is realised using synergies from Blockchain technology and machine learning.

• Crypto Economy

The platform Photochain appeals to a broad audience that currently still aren’t adopters of blockchain and cryptocurrency technologies. The relatable use case of “Photochain” will appeal to this audience. The easy-to-use GUI and trading processes facilitate the onboarding process and supports the Crypto Economy to become mainstream.

• Photochain Digital Copyright Chain: DCC

Over the course of the project, more and more artists will be able to strengthen their copyright using the Photochain platform, since their works will be linked to their name. This link is manifested as a transaction in the Ethereum blockchain and is therefore visible to all users at all times. This means that the artist’s ownership of the image can be accounted for. The database with all manifested links has been constructed in a decentralised way. We call this database a DCC.

Market Opportunities For Photochain

According to information from a well-known photography stock, its turnover in 2016 has been estimated at $756 million. There are a total of 1.7 million active buyers and 100,000 artists on this platform. These figures could increase significantly for 2017.

These key figures demonstrate the vast potential of this market. Moreover, allowing artists to receive up to 95% of the profit margin significantly increases the Photochain p2p platform’s potential for adoption and standard use.

Photochain Platform

With all currently existing stock photography platforms, the only way that security in transactions can be ensured is via central control. Compared to that, we are creating a platform that works autonomously, securely and efficiently based on predefined rules.

We are developing the Photochain DApp on the Ethereum blockchain. Additionally, Photochain also uses computer vision (machine learning) to fulfil the specific technological requirements of stock photography.

The Photochain DApp is a platform on which artists have the opportunity to sell their work to a broad audience at a price they set themselves, and where sellers are also fully and solely liable for the works they sell themselves. The Photochain Team does not have any liability or responsibility for illegal behaviour from the sellers.

This means that the artist is responsible for the legality of the works he is selling, and is held fully accountable for any illegal activity. Photochain however, will uphold users copyright protection, by preventing unauthorised sale of photography.

Photochain’s Ecosystem

The Photochain DApp is a platform specialized in the trade of stock photography, in which processes are reduced to a necessary minimum in order to guarantee simplicity and transparency.