The Bitfury Group, a Bitcoin mining giant and blockchain transactions processing company, announced this Wednesday that it has launched Bitfury Surround, a music entertainment division.
According to the statement released today, the division aims to design blockchain solutions to address the challenges faced in the music industry by artists and other stakeholders. Bitfury Surround’s first initiative is to create an open-source music platform secured by the bitcoin blockchain.
The platform, which is named SurroundTM, will attempt to streamline the operations of the music entertainment industry, through the secure transfer of copyright assets, streamlined connectivity and enhanced monitoring and management systems.
In order to achieve this, the platform will create a digital system for sharing and monetizing intellectual property. It will also provide trusted data and transparent management systems, the Bitfury Group said.
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Commenting on the launch, Valery Vavilov, the CEO of Bitfury said: “The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency. We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem.”
While this is not the first venture into the music industry by a technology company, it is one of the first moves by a large blockchain firm, particularly with the intention to decentralize the music industry.
Bitfury appoints Stefan Schulz as CEO of the division
Leading the new division is Stefan Schulz, a music and entertainment veteran with more than 20 years worth of experience in the industry. He has been appointed by the blockchain group as the CEO
“The Surround ecosystem will foster transparency and trust, save administrative costs and improve a secure and transparent flow of content from artists to consumers on the blockchain, making efficiency gains available to all market participants fairly,” Schulz added.
“Only a true market leader such as Bitfury, dedicated to making the world a better place, can have the boldness to enter such a meaningful marketplace with an open-source and cooperative platform.”