Online music rights management company SoundVault has joined Bitfury Surround as its first strategic partner.
Bitfury Surround is the music entertainment division of blockchain and fintech company Bitfury Group. The firm’s first initiative will be to create an open-source music platform secured by the Bitcoin blockchain.
The open-source platform, named Surround, will encourage collaboration, foster fresh applications, and promote innovation within the industry.
Surround will be a fully interoperable ecosystem for sharing and monetising copyrights. By using several blockchain-based management systems, the secure transfer of copyright assets can take place.
Stefan Schulz, CEO of Bitfury Surround, said: “The inefficient business of rights management and music licensing is primed for disruption. By bringing the innovations of SoundVault into our blockchain ecosystem, we will better address the disparities faced by artists and other content creators.”
The partnership is a strategic move forward as SoundVault can bring its expertise in rights management to the table for Surround to utilise. SoundVault also has an extensive tracking platform for licensing and copyright protection.
When the launch takes place in 2020, SoundVault will integrate its services exclusively into the Surround ecosystem.
Graham Gabie, CEO of SoundVault, said: “SoundVault shares Bitfury Surround’s global vision of creating a new wave of equality, transparency, economic freedom, and fairness to all artists and music rights holders.
“We are looking forward to sharing our expertise and helping to build and incentivise the growth of the entire music industry through the creation of a collaborative and open blockchain-based ecosystem.”
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