Fox Corp. Unveils Blockchain Platform “Verify” for Content Licensing Negotiations Jan 10, 2024 Jan 10, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 10, 2024 by Kelly Cromley

Fox Corp. Unveils Blockchain Platform “Verify” for Content Licensing Negotiations

Fox Corp., a leading U.S. media conglomerate, has made a significant stride in content management with the public introduction of its cutting-edge blockchain platform, “Verify.” The platform, based on the Verify Protocol, is designed to empower media companies in monitoring the online usage of their content. This development is poised to reshape negotiations with artificial intelligence (AI) entities seeking licensing deals for a vast array of intellectual property under Fox Corp.’s umbrella, including Fox News, Fox Sports, and Fox Entertainment.

 

The Verify Protocol: A Groundbreaking Solution

Developed internally by Fox Corp.’s technology team in collaboration with Polygon Labs, a renowned media software services firm, the Verify Protocol operates as a decentralized internet database. The content within this platform is cryptographically signed, establishing a secure and verifiable record of the content’s origin and history.

 

Media companies utilizing the Verify Protocol can register their content on the platform, ensuring a transparent verification process. Subsequently, they can grant usage rights to AI platforms aiming to utilize their content for training large language models (LLMs), which are pivotal for applications like ChatGPT and Bard.

 

Seamless Integration for Media Companies

To streamline the content registration process, Fox Corp. has incorporated integrations with third-party publishing systems. This enables media companies to automatically assign their content to the Verify Protocol when publishing from their content management systems, as stated by Fox Corp.’s Chief Technology Officer, Melody Hildebrandt.

 

Additional Tool: Aiding Content Citing

Concurrently with the public debut of the Verify Protocol, Fox Corp. is launching a complementary tool. This tool facilitates media companies and creators in confirming the verification status of a particular piece of content within Fox Corp.’s Verify blockchain protocol. The goal is to provide a seamless and efficient process for referencing verified content.

 

Fox Corp.’s Vision and Progress

Since the beta launch of the Verify protocol in August, Fox Corp. has made substantial strides. Over 80,000 pieces of content from Fox Corp.’s news brands, including Fox News, Fox Business, Fox Sports, and local television stations, have been successfully assigned to the open-sourced system.

 

While Fox Corp. has demonstrated a commitment to the Verify Protocol, its ultimate vision extends beyond its own content. The company aspires to see the protocol used widely across the web to verify content from various publishers.

The Unique Approach and Historical Context

Fox Corp.’s utilization of blockchain technology to negotiate with AI firms is notably distinctive. Unlike traditional business agreements or legal proceedings, this technological solution aims to provide leverage in negotiations. This approach stands in contrast to recent deals in the media industry, such as Axel Springer’s multi-year agreement with ChatGPT’s parent company, OpenAI.

 

Future Outlook and Unanswered Questions

As of now, the commercialization strategy for the Verify protocol remains unclear. Pricing and licensing terms for content verified through this innovative system have yet to be defined. Fox Corp.’s pioneering move into blockchain and web3 technologies, however, reinforces its commitment to exploring new frontiers in the media landscape.

 

In an era where blockchain applications outside of cryptocurrency and NFTs have struggled for widespread adoption, Fox Corp.’s Verify Protocol represents a bold initiative that could potentially reshape how media companies safeguard and negotiate the use of their valuable content in the digital realm.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.