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Why $ 1 Billion Bitcoin Giant Bitfury creates a blockchain music service?

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The Bitcoin Bitfury mining company is delighting in a new blockchain music platform. | Source: Shutterstock

About CCN.com: The Bitfury Group, one of the first bitcoin mining companies that has transformed the London-based global blockchain company, has announced that it will launch an entertainment division with the aim of developing an open source music platform based on blockchain technology .

From Bitcoin Mining to Tracking Music IP on Blockchain

Technology companies trying to make waves in the music industry are not new. Bitfury is an important actor in the blockchain industry, however, which makes this raid particularly interesting. The goal of decentralizing the music industry has long been a duckling, but now it might be closer to reality.

The open-source platform, labeled as SurroundTM, would presumably simplify the secure transfer of copyright assets. At the heart of the project is the creation of an environment that allows musicians to manage their affairs much more efficiently. This includes monitoring their production, the ability to see what works and, more importantly, what does not work. According to Bitfury, SurroundTM will lead the way in promoting innovation within the music industry.

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Bitfury wants to be more than just a mining company. | Source: Shutterstock

Speaking with Reuters, the CEO of Bitfury Surround, Stefan Schulz, commented:

There is a strong push for an open blockchain linked to entertainment in which the market participants themselves will participate in the market, not only from a transactional point of view.

The platform itself will try to provide a digital system to monetize and share intellectual property. Based outside of Europe, with a presence in Amsterdam and Berlin, the offices of Tokyo, Los Angeles, Moscow and Seoul will follow. Schulz, a veteran of the entertainment and music industry, said that although "the current platform is being put together and developed as we speak", it would not be close to completion for some time. time.

Bitfury is not the only major company blocking the blockchain as a copyright management solution. Through a licensing agreement, Kodak's blockchain platform also offers photographers the ability to record their images and protect their intellectual property.

Bitfury becomes the last unicorn of Bitcoin Mining

Recently valued at $ 1 billion, the Bitfury group raised $ 80 million from investors at the end of last year, including the Galaxy Digital business bank led by Mike Novogratz. The former contribution of the Fortress Investment Group's hedge fund manager helped push Bitfury's assessment into the "blockchain unicorn" category inhabited by companies such as Bitmain, Coinbase and Circle.

Close-up image of Shutterstock

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