According to a recent report, The Bitfury group has confirmed that it is inaugurating an entertainment department which will work towards creating an open-source music arena that will be regulated by blockchain technology.
Bitfury was previously a Bitcoin mining company which later became a global blockchain firm. It operates out of London.
It is quite common nowadays for tech companies trying to make a mark in the music industry. Bitfury plays a dominant role in the blockchain industry and thus it arises curiosity all the more. It has always been a desire to decentralize the music industry, which is now paving its way towards success.
SurroundTM is the name given to the open-source platform which will supposedly make the transfer of copyright assets safe and convenient. The main purpose of the project is to develop an environment that would help musicians to control their work with a lot of efficiencies. It will assist the musicians to Supervise their output, check out as to what works and more significantly finding out what does not work. Bitfury is of the opinion that, SurroundTM will be termed as a leader in bringing about a revolution in the music industry.
Bitfury Surround CEO, Stefan Schulz, while speaking to Reuters stated that there is a lot of potential for an open entertainment-based blockchain where market participants will take charge of the market venue which will not be just from a transactional perspective.
He stated, “There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional point of view.”
The platform will help in rendering a digital system for legalizing and distributing intellectual property. It is currently situated in Europe, with its branches Amsterdam and Berlin. Offices in Tokyo, LA, Moscow, and Seoul are soon about to be inaugurated. Schulz, who has followed the music and entertainment industry since long, said that though work is in progress to create the original platform, it would take some time before it is ready and completed. He said “The actual platform is being put together and developed as we speak. Several parts have already been in place.”
It is to be noted that Bitfury is not the only firm that considers blockchain as the answer to manage copyright issues. Through a licensing agreement, Kodak’s blockchain platform also provides its photographers to register their pictures and safeguard their intellectual property.
The Bitfury Group has a total worth of $1 billion and it raised $80 million in 2018 from investors like the merchant bank, Galaxy Digital, headed by Mike Novogratz. The previous Fortress Investment Group fund manager’s offering augmented Bitfury’s worth into the “blockchain unicorn” classification, possessed by firms namely Bitmain, Coinbase, and Circle.
Endorsing the firm’s technology, Schulz stated: “The Surround ecosystem will foster transparency and trust, save administrative costs and improve a secure and transparent flow of content from artists to consumers on the blockchain, making efficiency gains available to all market participants fairly.”