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Chinese Netflix’s iQIYI uses the ERC-3475 smart contract to settle copyright disputes

According to a news statement issued on Sunday by the standard’s creator, decentralized bond protocol DeBond, iQIYI, one of China’s biggest online video platforms with over 100 million users, is using the Ethereum smart contract standard ERC-3475 to address copyright-related problems.

According to a press release, iQIYI will use smart contracts created in accordance with the ERC-3475 standard to manage copyright-related issues such disputes, secondary creations, and copyright investment in authors’ works. The copyright holder’s given nodes and iQIYI’s private consortium chain serve as the platform for the smart contracts.

DeBond developed the smart contract standard known as ERC-3475. According to Yu Liu, a co-founder of DeBond, it was initially intended to enable issuers to manage numerous bonds of various classifications, interest rates, and redemption conditions under a single smart contract. Bonds are a type of debt instrument that stand in for loans given to the issuer.

In the iQIYI application, the smart contract enables users to store extra specifications, such as metadata, values, and transactions in a digital token without the need for additional on-chain or off-chain storage.

According to the announcement, IQIYI will launch a public test of the smart contract in the first quarter of 2023. As the platform discovered 270,000 videos that were copied from the platform’s popular drama “My Heroic Husband” in 2021, iQIYI CEO Gong Yu stated he planned to crack down on plagiarism of the company’s original TV series in November.

A copyright blockchain that enables users to upload movies for copyright confirmation was introduced by iQIYI in 2019.

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