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South Korean conglomerate CJ revealed it has integrated with Amazon Web Services (AWS)’ Amazon Managed Blockchain Service to develop a blockchain-based music copyright management system.
CJ OliveNetworks, the company’s subsidiary that oversees the beauty retail and technology arm, will lead the initiative, according to Yonhap.
As per the report, the new digital copyright system will reportedly deploy AWS filed-based video transcoding service Elemental MediaConvert to recognize and extract music content from broadcasting data.
Further, the system will offer secure sharing and storing tools and unmodifiable methods for mutual verification on the network, in a bid to enhance transparency in music copyright management. It will also preserve a history of the broadcasting of copyrighted songs and keep the information on the blockchain.
The company said that the initiative will provide benefits to all stakeholders, including broadcasters and copyright institutions. Owners and users of the materials can share the resulting ledger and arrive at a fair payment arrangement for the use of the copyrighted intellectual property.
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders. The blockchain-based copyright management system will greatly contribute to improving the copyright management process,” Kim Eung-do, a director of the CT Convergence Research Institute at CJ OliveNetworks, was quoted as saying in a report by Hankyung.
The report came after Korean pop music giant SM Entertainment announced earlier this month that it plans to build its own blockchain network with a native cryptocurrency in partnership with tech firm CT-AI Labs. The move aims to encourage fans to be more engaged in the entertainment industry.
In August, stablecoin creator Terra also added South Korean music streaming platform Bugs to its e-commerce alliance. The first of such deal will allow Bugs users to buy songs using Terra.
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