Why Is Bitfury Lauching An Open-Source Music Platform On Blockchain?

The Bitfury Group has been in last week’s digital currency news and headlines for tapping blockchain in a new initiative – and announced the launch of an entertainment service that will be based on blockchain. This post emerged everywhere in the crypto world last week and showed that the $1 billion company is interested in tracking music on a blockchain.

However, what many people are asking themselves is why would a Bitcoin mining firm consider building a blockchain music service. The reason behind that is nothing new, according to tech analysts. Currently, Bitfury is a significant player in the blockchain industry and continuously plans to innovate and decentralize the music industry as well.

Labeled SurroundTM, Bitfury’s new open-source platform will simplify the safe transferal of copyright assets. At the core of the project is the creation of an environment that will allow musicians to manage their affairs in a more efficient way.

From monitoring their output to seeing what works and what doesn’t, SurroundTM is meant to lead the way in promoting innovation within the music industry. As the CEO of Bitfury Stefan Schulz told Reuters:

“There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional point of view.”

With this, Bitfury plans to provide a digital system for both monetizing and sharing the intellectual property rights. However, it is not the only firm that eyes blockchain as a potential solution to copyright management – in fact, Kodak’s blockchain platform also does that for photographers, giving them rights to register their images and secure their intellectual rights.

Bitfury raised $80 million from investors last year and has been recently valued at $1 billion, having big dreams and major investors behind it including the names of Mike Novogratz and his company, Galaxy Digital.