A Blockchain technology company based in the US, BitFury has launched a Blockchain platform for the music and entertainment industry. The new network has been labeled as BitFury Surround and is primarily targeting to eliminate the challenges that artists in the music industry face.
It also extends its solutions to the problems that stakeholders in the entertainment industry grapple with in their day to day operations.
The customization of Distributed Ledger Technology to solve the needs of the entertainment industry is yet another milestone to a technology that is striving to revolutionize the world. Already, many industries such as banking, insurance, e-commerce, international trade, shipping, real estate management, government operations, etc. have been making remarkable progress in embracing Blockchain technology and the entry of the entertainment industry in the space is a step in the right direction for the technology.
About BitFury Surround
BitFury Surround is now the new division of the Blockchain platform that is specifically serving the needs of the music and entertainment industry. Artists and stakeholders in the entertainment space have been grappling with challenges such as lack of protection for intellectual property rights, poor compensation for talent and input among other problems.
However, BitFury Surround will offer cutting edge solutions that will enable musicians and music producers to maximize their earning. Once again, this discovery will make entertainment to have a positive return on investment that took a nosedive with the emergence of the internet in the 90s where bad actors are able to pirate music hence denying artists and producers their deserved income.
BitFury Surround will also endeavor to create a sustainable way that musicians will be able to get their fair compensation. In the current system, it is highly unlikely for music to yield returns continuously through client-end sales.
Features Of The Blockchain Platform
Firstly, BitFury Surround will be an open source platform that will be accessible to all stakeholders in the music entertainment industry. Secondly, Distributed Ledger Technology will facilitate the secure transfer of copyright assets in a verifiable, transparent, and referable way that is beyond manipulation by unauthorized third parties. Thirdly, the platform will have protocols that support better management and monitoring system that the traditional networks of music tracking and selling miss.
Lastly, the Blockchain platform will monetize intellectual property through on-platform tokenization. Therefore, music fans will be required to contribute Tokens in the platform so that artists and publishers can benefit from their contribution. This will be based on an interoperable digital system for music distribution to ensure that the music market space is expanded. Since DLT entries are immutable, the ecosystem will be trusted by all users.
BitFury Surround will be modeled on BitFury’s Exonum open-source DLT standards.
BitFury Global Approach
The firm that was founded by Valery Vavilov who is also the CEO, intends BitFury Surround to revolutionize the music entertainment industry all over the world. The platform’s business division will be based in Berlin and Amsterdam with other centers set to be unveiled in Moscow, Seoul, Tokyo, and Los Angeles.