Use of blockchain technologies within the creative industry to combat fraud in the production and (re)sale of collectibles

The music industry has evolved significantly over the last few decades, from cassette to compact disk to MP3 and now to subscription-based streaming. Simultaneously, there has been a return to analogue, especially to vinyl records. In 2021, a major record label will introduce a new kind of vinyl. From the original master tapes, one-of-a-kind copies will be made. These will be manufactured in very limited quantities and sold exclusively as collectors' items. In a world where purchasing these collectibles is as simple as tapping the screen and where there are also numerous trading markets between private individuals, new creative ways to protect consumers and digitally protected analogue collectibles must be found. This relates to both the product's authenticity and the legitimate possession of the valuable vinyl. This work in progress paper aims to determine whether digital identities of suppliers, distributors, and consumers on the one hand, and decentralized encrypted data storage on the other, can be potentially the future technology to safeguard collectibles that the creative industry should be more than just looking at.
peer-reviewed