Bitfury, a global blockchain firm has launched its music and entertainment division. The division as announced in a press release on Wednesday will see the creation of an open source platform that is secured with Bitcoin blockchain.
SurroundTM A Music Open Source Platform
A new open-source platform SurroundTM as announced by Bitfury in a press release on Wednesday will enhance collaboration in the music and entertainment industry as well as promote innovation as noted.
Bitfury further noted that SurroundTM platform with its better monitoring and management system would aid streamlining the secure transfer of copyright asset. The function will be aided through the creation of a digital system for sharing and monetizing intellectual property. Also, it will provide a transparent management function and trusted data.
Stefan Schulz, the chief executive officer of Bitfury surround who has a 20 years music and entertainment industry experience noted that there is very strong momentum for an open entertainment related blockchain where market participants themselves would be participating in the market venue and not only from a transactional value point of view. He further stated that the platform’s development is underway at the moment, with the major task on it already done.
Blockchain Technology and Bitfury
Blockchain can be defined as a shared database that is maintained by a network of computers connected to the internet. The technology first surfaced as a system for powering Cryptocurrency in 2008. However, over ten years from the period the technology has seen an application to almost every facet of human society. The tech has seen an application in the health sector, transportation, supply chain, marriage, music, and entertainment among others.
Bitfury launch of a blockchain platform for the music and entertainment industry is not the first. This has been preceded by platforms such as MusicLife, BitSong, Blackpool among others.
The Bitfury firm is a global blockchain firm that was founded in 2011. The firm is based in London and is specialized in the sales of gear used for mining Cryptocurrencies and the development of blockchain tech for clients which is inclusive of the Ukrainian government. The firm is valued recently to at 1 billion dollars after it raised 80 million from investors last year.
Also, the music and entertainment division of Bitfury, Bitfury Surround will also be based in Europe and will operate from Amsterdam and Berlin. Other offices of the firm will be located in Los Angeles, Tokyo, Seoul, and Moscow.