Music streaming service Spotify has announced that it has acquired Mediachain Labs, which uses a blockchain-based record with machine learning content identification for registration, identification, and tracking of all forms of digital media.
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Spotify wrote: “Brooklyn-based Mediachain Labs has been the driving force behind the Mediachain project, a world-class blockchain research agenda and open source protocol to better manage data that is critical to the health of the music industry. The Mediachain team will join our New York City offices and help further Spotify’s journey towards a more fair, transparent and rewarding music industry for creators and rights owners.”
Last year Mediachain Labs raised $1.5 million in its latest funding round led by Union Square Ventures and also included: Andreessen Horowitz, RRE Ventures, Digital Currency Group, LDV Capital, Alexis Ohanian, William Mougayar, Kanyi Maqubela, David Lee, Mathieu Drouin and Brian Message. It used the funds to develop a decentralized universal media library.
This blockchain-powered digital rights management (DRM) solution gives rights owners the ability to automate the discovery of where their content is being used in order to retain control over their data and create a channel for exchanging value directly through content, no matter where it is located.