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BitFury Launches Blockchain-powered Music And Entertainment Division

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U.S.-based blockchain technology company BitFury created a blockchain-powered music and entertainment arm called Bitfury Surround. The Surround platform will design blockchain solutions to address challenges faced by artists and other stakeholders in the music industry.

The platform is expected to enhance the protection of intellectual property rights, and also create a sustainable environment that fairly compensates artists and stakeholders.

The Surround open-source platform aims to help the music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity, as well as better monitoring and management systems.

Towards this, the platform will create an interoperable digital system for sharing and monetizing intellectual property and enhancing economic opportunity by providing transparent management functions and trusted data.

The Surround ecosystem, co-created by the music entertainment industry, will be built on Bitfury's Exonum open-source blockchain platform.

The firm expects Bitfury Surround to strengthen the rights of artists, giving them and their business partner's power and incentives to develop new content and innovative solutions. It will also save administrative costs and provide a secure and transparent flow of content from artists to consumers on the blockchain.

The platform will provide and maintain an integrated layer that secures crucial factors to help grow the music entertainment ecosystem. These include service legal agreement (SLA) capabilities, interoperability and auditability, secure asset movement across the blockchain, payment platform, as well as immutable and trusted data.

The Bitfury Surround business division will be based in Europe, with its initial footprint projected to be in Amsterdam and Berlin. Other operations are set for Los Angeles, Tokyo, Seoul and Moscow.

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