Blockchain mining equipment manufacturer Bitfury has announced the launch of a new open platform aimed at the music industry, the group’s first foray into music and entertainment.
Known as Bitfury Surround, the platform aims to streamline rights management, while providing blockchain tools for better control of the often complex arrangements between artists, management and fans. The platform will have the capability to handle legal agreements through an interoperable and auditable system, as well as allowing for the secure recording and movement of rights on the blockchain.
Surround will also deliver scope for payments, timestamping and collaborative ownership, to reflect the often multi-layered structure of artist and industry agreements.
In a post published on Medium, the group said the platform would benefit the entire music industry ecosystem, including handling copyright, connectivity and management.
According to Bitfury, “The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems.”
“To do so, the platform will create a fully interoperable digital ecosystem for sharing and monetizing intellectual property and enhance economic opportunity by providing transparent management functions and trusted data,” it noted.
“The SURROUND ecosystem will be built on Bitfury’s Exonum open-source blockchain platform, creating a transparent environment for all parties and fostering trust and cooperation on all levels.” - @BitfuryGroup https://t.co/K0sB5hzwIj pic.twitter.com/Ic3y0jFzgJ
— Exonum Bitfury (@ExonumPlatform) January 16, 2019
Bitfury CEO Valery Vavilov said the platform would boost accountability, in a bid to improve conditions for artists through an open, more transparency platform.
“The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency,