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Home NEWS Mining

Bitcoin Mining Giant Bitfury Builds Blockchain Open Source Music Platform

Coinworldstory by Coinworldstory
January 21, 2019 - Updated on January 7, 2021
in Mining
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Bitcoin Mining Giant Bitfury Builds Blockchain Open Source Music Platform
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The early Bitfury Group focused on bitcoin mining and later transformed into a global blockchain company. The company announced that it will set up an entertainment division to develop an open source music platform based on blockchain technology .

Mining from bitcoin to tracking blockchain music IP

Technology companies trying to make waves in the music industry are not new. However, Bitfury is an important player in the blockchain industry, which makes this attempt particularly interesting. The goal of the decentralized music industry has long been a daydream, but it may now be closer to reality.

An open source platform called SurroundTM is said to simplify the safe transfer of copyright assets. At the heart of the project is creating a trading environment that enables musicians to manage them more effectively. This includes monitoring their output, seeing which ones are effective, and most importantly, which are not. According to Bitfury, SurroundTM will lead the innovation in the music industry.

Bitfury CEO Stefan Schulz said in an interview with Reuters:

The development of blockchains related to open entertainment is very strong, and market participants themselves will participate in the market, not just from a trading perspective.

The platform itself will seek to provide a digital system for the monetization and sharing of intellectual property. With offices in Amsterdam and Berlin, offices in Tokyo, Los Angeles, Moscow and Seoul will also follow. Schulz, a veteran of the entertainment and music industry, said that although the actual platform is being integrated and developed, it takes a long time.

Bitfury is not the only big company that uses blockchain as a copyright management solution. Through the licensing agreement, Kodak’s blockchain platform also provides photographers with the ability to register images and protect intellectual property.

Bitfury becomes the latest unicorn in Bitcoin mining

The Bitfury Group recently valued $1 billion and raised $80 million at the end of last year, including Mike novogratz ‘s encrypted investment bank, Galaxy Digital. The contribution of former Fortress Investment Group hedge fund managers helped push Bitfury’s valuation into the ranks of “blockchain unicorns” such as Bitmain, Coinbase and Circle.

Article Disclaimer

The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .

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