The Bitfury Group, a Bitcoin mining big and blockchain transactions processing firm, introduced this Wednesday that it has launched Bitfury Encompass, a music leisure division.
In keeping with the assertion launched at the moment, the division goals to design blockchain options to deal with the challenges confronted within the music business by artists and different stakeholders. Bitfury Encompass’s first initiative is to create an open-source music platform secured by the bitcoin blockchain.
The platform, which is known as SurroundTM, will try to streamline the operations of the music leisure business, by the safe switch of copyright property, streamlined connectivity and enhanced monitoring and administration techniques.
With a view to obtain this, the platform will create a digital system for sharing and monetizing mental property. It should additionally present trusted knowledge and clear administration techniques, the Bitfury Group mentioned.
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Commenting on the launch, Valery Vavilov, the CEO of Bitfury mentioned: “The music leisure business has advanced into a fancy, aggressive, technology-driven atmosphere that suffers from a extreme lack of transparency. We need to champion artists and assist incentivize the expansion of the whole business by the creation of this open, blockchain-based ecosystem.”
Whereas this isn’t the primary enterprise into the music business by a expertise firm, it is likely one of the first strikes by a big blockchain agency, notably with the intention to decentralize the music business.
Bitfury appoints Stefan Schulz as CEO of the division
Main the brand new division is Stefan Schulz, a music and leisure veteran with greater than 20 years price of expertise within the business. He has been appointed by the blockchain group because the CEO
“The Encompass ecosystem will foster transparency and belief, save administrative prices and enhance a safe and clear movement of content material from artists to shoppers on the blockchain, making effectivity positive factors out there to all market members pretty,” Schulz added.
“Solely a real market chief akin to Bitfury, devoted to creating the world a greater place, can have the boldness to enter such a significant market with an open-source and cooperative platform.”