Bitfury Surround has announced online music rights management company SoundVault as its first strategic partner.

The company has confirmed that SoundVault will be integrating its technology and services into the Surround ecosystem, which is expected to launch in 2020.

Improving creative opportunities with blockchain and AI

Bitfury Surround is a music entertainment division of the Bitfury Group, aiming to address challenges faced by artists and other stakeholders in the music industry, through use of its open-source platform.

According to the company, the Surround platform will be a fully interoperable digital ecosystem for sharing and monetising copyrights, and as such will help improve opportunities for the entire music industry.

The blockchain-based management services will enable the secure transfer of copyright assets, continuous monitoring, advanced administrative services supported by artificial intelligence (AI), and a global database of music rights and other important information.

Use by artists, labels, publishers, broadcasting and collection societies, SoundVault’s end-to-end technology enables innovative licensing, tracking and cue sheet solutions.

Discussing the partnership CEO of Bitfury Surround, Stefan Schulz, said:

“The inefficient business of rights management and music licensing is primed for disruption. By bringing the innovations of SoundVault into our blockchain ecosystem, we will better address the disparities faced by artists and other content creators.”

While CEO of SoundVault, Graham Gabie, added:

“SoundVault shares Bitfury Surround’s global vision of creating a new wave of equality, transparency, economic freedom and fairness to all artists and music rights holders,

“We are looking forward to sharing our expertise and helping to build and incentivize the growth of the entire music industry through the creation of a collaborative and open, blockchain-based ecosystem.”

AYO.NEWS says:

Blockchain and AI technology really does offer tantalising possibilities for the music and other creative industries. In a world saturated by so much content and so many channels, the old rights management systems were overwhelmed and effectively collapsed, leading to severe challenges for artists and publishers alike and, arguably, holding back the creativity.

Will the unprecedented and ever-growing capacity of blockchain and AI technology to monitor, track and indelibly record, at extremely low cost in terms of money and human resources, result in a new creative boom?

Staying with music rights, last week we reported that CJ OliveNetworks, a subsidiary of major South Korean conglomerate CJ Corp, is now employing Amazon’s blockchain technology in its music copyright management operations (read more).

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.