Photochain Transactions Safely and Securely at Any Time

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Today blockchain technology is enabling a global network of people to perform transactions of various kinds, peer to peer, without the need for a central governing authority.  These new innovations allow people to verify these transactions safely and securely at any time.
Using Ethereum blockchain Smart Contracts, people are able to make digital agreements circumventing the need for a third party.  Both parties must comply with the conditions of the contract which can be easily verified on the blockchain.  Being decentralized, tampering is prevented.
Photochain is a peer to peer platform, releasing new concepts for a next generation stock photography platform.  Photochain will be a vehicle for fair trading of digital works between artists and buyers.
The terms of use ensure a secure, easy to use and fair trading process for both parties.  Artists will receive up to 95% of the final selling price of their digital works.

Photography Stock Business Model
Since prices for digital content on photography microstocks are kept low, one can only achieve a high turnover if they were to sell a large number of works. Based on the data of a well-known photography microstock, it’s possible to estimate the trading volume of an individual to earn $1,000.
On average, in 2015 an image on this microstock cost $2.80 and the company generated revenue of $134 million per quarter. This equates to 47.8 million transactions per quarter ($134 million/$2.80), or approximately 530,000 downloads per day.
On average, an artist would earn $0.25 per sold work, meaning they would have to sell 4,000 works in order to earn $1,000. From this model, it becomes evident how difficult it is for an artist to obtain sufficient revenue on traditional platforms. 

Photochain Platform
With all currently existing stock photography platforms, the only way security of transactions can be ensured is via central control. Our platform works autonomously, securely and efficiently based on predefined rules.
We are developing the Photochain DApp [5] on the Ethereum blockchain. Additionally, Photochain also uses computer vision (machine learning) to fulfill 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 themselves set, 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 behaviours of the sellers. The artist is responsible for the legality of the works they are selling, and is held fully accountable for any illegal activity. However, Photochain will uphold users copyright protection, by preventing any 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.


Photochain Client

Figure 2 schematically depicts the architecture of the Photochain DApp. The Photochain client is a central component. It will first be available as a web client and will then be developed for current operating systems beginning with phase 2 of the project. The client is used to realize the p2p interaction between transaction partners and consists of several modules:

The Claim Module is used by Photochain users in order to act against copyright infringements. If a piece is suspected of infringing upon a copyright, the claim module will be invoked. The workflow of the claim process was already described in chapter 2.3.1. In order to prove copyright infringement for a particular piece, a link to the original source, such as a stock photo, must be provided, from which it can be clearly deduced that:
  • The image is the same as on Photochain DApp
  • The author’s name is visible and it’s a different artist than the seller on the Photochain DApp
Our machine learning algorithm analyzes whether these requirements are fulfilled. If they are not fulfilled, the claim is automatically rejected, as it’s obviously not copyright infringement. If the requirements are fulfilled, then the moderators will decide over the legitimacy of the claim.

Photochain Roadmap

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