A Government Official Admits FIAT is Fallible & Sony Files DRM Patent

Gains overnight as Bitcoin blasts its way above $9k again to $9275, Ethereum also up on yesterday by $30 to $660. Majority of top altcoins also making positive moves in the past 24 hours.

Tech giants Sony have filed a new blockchain related patent application, this time covering Digital Rights Management (DRM) with the idea being to manage user access rights to content under copyright whilst maintaining permanent records on a blockchain. Reducing digital piracy is big business but yet to be efficiently implemented at any real scale to date. As fast as the media industry releases new encryption methods, hackers crack them or find exploits and workarounds to remove them. Tying users down using permissions is the ultimate solution if it can be made to work well.

Whilst this might initially sound a bit boring, it pays to remember Sony are very well versed with the practice of “aligning marketplaces” when they want to (as we covered previously here). Despite many attempts to unify digital rights management by several companies over the years one might be tempted to think it won’t ever happen – and until now I would agree – however, if the past is anything to go by, what Sony wants, Sony invariably gets – whatever the cost. If they are able to create a blockchain based DRM in such a way that the digital media industry is attracted to it, (as opposed to it needing to be “sold” to them) industry adoption will undoubtedly be swift. Although a Sony ICO is highly unlikely for this or any other blockchain solution they might be working on, ICOs in the digital rights management space will be well worth looking into if and when Sony begins to roll out more detail and code.

South Korea’s Deputy Minister of Strategy and Finance Kim Yong-jin has made a very telling if not surprising statement this week when addressing a financial conference in Seoul by saying “Cryptocurrencies like Bitcoin and Ethereum, which led an investment and speculative bubble earlier this year, have stabilized and are leading both the authorities and investors to question the foundation of the fiat system - the central bank should consider the emergence of alternative payment methods such as cryptocurrencies as a threat to the existence of the traditional fiat system.” In what would appear to be the first statement by a government official specifically mentioning “a threat to the traditional fiat system”. At long last it would appear the world of blockchain and cryptocurrency is finally being recognized as a realistic alternative to the traditional monetary system in what must have been a very humbling statement to make given the previous intentions to ban cryptotrading in the country.

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Created: Friday, April 27, 2018

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