Legal challenges of the implementation of blockchain technology in the management of copyright and related rights

The reform of collective management of copyright and related rights, along with the organization structures, is being carried out within the framework of the European Union and at the domestic legislative level. All of the legislative activities can be viewed in two ways: one part focuses on establishing a solid framework for organizations to manage collective copyright and related rights, while the other aims to adapt this institute to the circumstances where the internet and digital content prevail. Blockchain is an open-source innovation that, through a revolutionary approach, can change the execution of transactions between individuals, legal entities, and machines. The establishment of a clear legislative framework in the domain of digital property creates the assumption that this type of technology can be applied in many areas of social life, with the emphasis placed on its implementation in the domain of collective management of copyright and related rights to improve the work and functioning of organizations. Blockchain technology could be used as a tool to overcome certain problems in the operations of collective copyright and related rights organizations, primarily: inefficiency, lack of economy, and lack of transparency. On the other hand, we must not overlook the possibilities aimed at improving the status of authors and ensuring adequate compensation for the use of their works on the internet. The challenges of implementation are multifaceted and essentially of a legal and technical nature, and the terms blockchain, smart contracts, and cryptocurrency are currently subjects of intense debate in legal theory and practice around the world.