Justice Applications Based on Blockchain 3.0 Efficiency and Coordination

Current paper is dedicated to the study of justice applications of blockchain technology in the matter of digital identification and regulation of property rights in the music industry. Regulatory functions are considered as a part of intellectual property rights in relation to the revenue distribution for the streaming of musical contents online. Digital asset management is one of the high-potential applications of blockchain technology beyond the currency. Blockchain may provide a new technological background for notary, intellectual property, digital identity and asset protection. The aim of this study is to outline how blockchain technology can be applied for registration and protection of intellectual property and digital art and to work out an analytical model for automatic royalty repayment. To reach the stated aim, several objectives should be accomplished, including review of current solutions in digital identity and smart property areas, valuation of best practices in the sphere of registering and protecting intellectual property and working out an efficient business processes design for royalty accrual based on automated micropayments. The accomplishment of the stated objectives is carried out with the usage of the Design Science Research methodology. The main result of current work is the analytical model of business processes for creating and managing smart assets. The developed model takes into consideration actual market problems and offers an innovative solution, which differs from the existing distributional processes. Moreover, the conducted constructive research with a well-developed theoretical base in the area of blockchain technology and decentralized digital identification can be used for realization of smart assets’ concept in any market of digital property.