A high-profile delegation comprising eight members from the Stellar Development Foundation (SDF), spearheaded by renowned Hollywood actor Dr. Idris Elba and SDF CEO Denelle Dixon, convened with Dr. Ernest Addison, Governor of the Bank of Ghana, in a courtesy call on Thursday, February 16, 2024.
The SDF, a non-profit organization dedicated to leveraging blockchain technology to catalyze global economic growth, presented a groundbreaking fintech innovation aimed at revolutionizing compensation methods within the local creative industry. The innovation, based on blockchain technology, seeks to ensure equitable remuneration for creators whose works are commercialized globally, while also facilitating access to financing for emerging artists through smart contracts.
This initiative addresses the longstanding challenge faced by African industry players who are often marginalized from the global payments ecosystem, resulting in rampant violations of intellectual property rights and copyright infringement. Additionally, it aims to provide opportunities for growth by enabling access to funding and facilitating the transparent and efficient distribution of earnings generated from the commercial use of creative works.
The discussions between the SDF delegation and Bank of Ghana officials centered on potential collaborations to pilot technological and policy innovations aimed at bolstering the administration of intellectual property rights and copyrights for the benefit of local content creators.
Ghana was chosen as a potential pilot country for this innovative solution due to the country's advancements in central bank digital currency, notably the eCedi, and its broader embrace of tokenization initiatives.
Both the Bank of Ghana and the Stellar Development Foundation expressed their unwavering commitment to collaborating on this initiative, emphasizing its potential to drive long-term benefits for the creative industry, particularly empowering the youth. This collaboration underscores the shared vision of leveraging technology to foster inclusive economic growth and empower creators within Ghana's vibrant creative ecosystem.
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