Leading provider blockchain solutions Bitfury Group has announced the launch of a new division Bitfury Surround, which will be engaged in projects for the music industry.
The first project Bitfury Surround is to create a musical platform, open source blockchain based on bitcoin. Surround platform will provide a unified ecosystem for cooperation and the necessary conditions for the development of new applications and innovative development of the industry.
Surround is an open digital ecosystem that is compatible with different formats, which will allow you to securely share assets and to monetize the content, are protected by copyright.
“The music industry is facing a number of difficulties associated with the use of competitive and incompatible technologies. The whole ecosystem is also suffering from a lack of transparency. We want to help artists and rights-holders and stimulate the growth of the entire industry, creating a new, open platform based on blockchain”, – said the head of Bitfury , Valery Vavilov.
Surround platform will provide capabilities such as:
- The conclusion of SLA (Service legal agreement)
- The compatibility of the protocols and conducting the audit
- Safe transfer of rights and assets across the network blockchain
- The accuracy and consistency of data
- Copyright protection: using the technology of anchoring and decentralized timestamps
- Tools open economy (a unified API, control of smart contracts, peer-to-peer structure)
- Artificial intelligence and machine learning
- Collective ownership of assets
The developers believe that the platform will help solve a range of current music industry issues such as:
- The presence of a gap between content creators and platforms monetization
- The difficulties of legal registration of digital copyright
- The lack of reliable and consolidated data in the music world
- Fraud (for example, secondary markets, unauthorized use, spoofing, and so on)
- Inefficient management of assets
- Opaque management agreements
- The slow movement of cash and their non-transparent distribution
- The inability of the global collection of data on the use of the content
- The slow development of innovation
Ecosystem Surround will be based on blockchain-platform open source Bitfury Exonum. It will create a transparent environment for all market participants, enhancing trust and cooperation at every level.
To simplify participation in the project, the platform SurroundTM will be established as a cooperative, allowing participants to implement new business ideas.