CT-AI Labs CEO Sang-Sik Joo announced the initiative at the developer conference of South Korean crypto exchange UpBit, local IT news outlet ITChosun reported on Sept. 4.
Joo noted that they are currently discussing the project with partners who will build the platform, but the details cannot be revealed yet.
SM Entertainment reportedly expects the blockchain platform to bridge the physical and virtual world. Joo commented on the development by defining the function that he sees blockchain having in the entertainment industry, saying:
A major industry player
The music industry has been seen as a major opportunity for blockchain technology. Interestingly, it is believed to be a tool capable of disintermediating it, allowing direct economic interaction between fans and artists who would also get a larger cut of the value they create.