The blockchain is a special kind of public database. It is the database used by the digital currency Bitcoin. The information about who made a work, who owns it and what the license terms are is stored in our own database, but it is also stored in the Bitcoin Blockchain. This helps provide an independent verification of the attribution and ownership information, so you stay in control of your intentions around your work. It also is part of the digital signature process that shows that a contract has been executed and a hand-off of rights has occurred.
Currently, Monegraph manages all of the blockchain transactions, so you don’t have to know anything about it, own any Bitcoin, or keep track of any private keys. In the future, we will support the ability to export the blockchain records of your license contracts for those who want to self-manage the rights licensing process themselves.