Bitfury, the blockchain company, has launched an open source music platform secured by Bitcoin blockchain. Named Surround, the open source platform will encourage collaboration, foster fresh applications and promote innovation within the industry, according to the Bitfury blog.
The platform aims to provide transparent management functions and trusted data by creating an interoperable digital ecosystem. “The Surround platform will enable the entire music entertainment industry to streamline operations through a secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems,” reads the blog.
The platform seeks to address several problems of the music industry including slow cash flow, unclear money allocations, the speed of innovation and non-transparent management of agreements. The platform will also seek to provide secure asset transfer across blockchain, co-ownership of assets, secure payment rails and trusted data.
Surround will be built on Bitfury’s Exonum open-source blockchain platform. Stefan Schulz a music veteran from Vivendi will serve as the venture’s CEO. “Music is perhaps the most powerful currency in today’s world driven by emotions, globalization and volatility in consumer behavior. Yet, the overall value of the music market is lower than in the late 1990s. Blockchain technology, complemented by Artificial Intelligence, will reverse this dramatic development and enable an age of exponential and sustainable growth in the whole industry,” said Schulz,
“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,” he added.
Surround ecosystem will be a cooperative which will create an open ecosystem for music industry professionals. It will also help to close the existing value gap and foster interaction and transparency for professionals.