Download this research paper to access normative analysis of key blockchain technology concepts from the perspective of copyright law. There are many features of the technology that are compatible with licensing. These include:

• Scarcity
• Trust
• Transparency
• Decentralised public records
• Smart contracts

This paper looks most specifically at the role of smart contracts in improving copyright licensing. Authors can publish their work on the blockchain and create a quasi-immutable record of initial ownership. They can encode smart contracts to license the use of works. This will benefit artists in terms of remuneration, as well as the private ordering of copyright.

Smart contracts could potentially help to reduce market friction, increase licensing efficiency, and bolster the autonomy of artists. However, the differences between new smart contract technology and the fundamentals of the law must be examined. These include:

• General law
• Exceptions and limitations
• The doctrine of exhaustion
• Restriction on formalities
• The public domain
• Fair remuneration

These practices have changed almost beyond recognition. Enter the blockchain and the smart contracts it empowers: does it provide the means to retool copyright, or will it replace it? The authors of this research argue that, should blockchain technology reach its market potential, it may have significant—perhaps transformative—impact on copyright in the digital environment.