The Bitfury Group, a bitcoin mining company that has transformed the London-based global blockchain company, has announced it will launch an entertainment division in charge of developing an open-source music platform based on blockchain technology.
The open-source platform, called SurroundTM, will simplify the secure transfer of copyright resources, including the best monitoring and management systems, with the goal of decentralizing a notoriously opaque music industry. To do so, the platform will create a digital system to share and monetize intellectual property and provide transparent management functions and reliable data.
"The current platform is put together and developed as we speak, several parts have already been installed," said Schulz, although it will not be complete for some time.
According to Reuters, the Bitfury Surround sales division will be based in Europe, with operations in Amsterdam and Berlin. Other offices are planned for Los Angeles, Tokyo, Seoul and Moscow.
The Bitfury group raised $ 80 million from investors last year, including the merchant bank founded by billionaire Mike Novogratz. This round of financing pushed Bitfury's valuation to $ 1 billion, obtaining the status of a unicorn.
Bitfury was founded in 2011 and is now based in London. Sells used tools to extract cryptocurrencies and develop blockchain technology for customers including the Ukrainian government
SurroundTM is not the first blockchain music venture that aims to open the opaque music industry. As the CNR reported a year ago, international DJ Gareth Emery is facing a similar project called Choon, which is already active and in streaming, based on blockchain technology.