Bitfury Unveils Plans Embarking on Blockchain-based Music Service

In Technology
Bitfury

Global blockchain company Bitfury Group unveiled its plan to embark on an entertainment section to establish an open-source music platform that will function on blockchain technology.

Bitfury is an important party in the blockchain industry and its venture in the music industry is considerably interesting. It seems that the decentralization of the music industry is no longer far from coming true.

Apparently, it’s open-source platform called SurroundTM will make the safe allocation of copyright assets. The project aims to establish an environment giving musicians the ability to handle their dealings more productively. It involves output monitoring – the ability to see what works and what doesn’t. The open-source platform, according to Bitfury, will break new grounds in bolstering innovation in the music industry.

(Pixabay/Fotocitizen)

SurroundTM CEO Stefan Schulz said, “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. The actual platform is being put together and developed as we speak. Several parts have already been in place.”

A virtuoso in music and entertainment industry for two decades, Schulz confirmed SurroundTM will take some time to launch.

The open-source platform will be sure about providing a digital system for constructing and sharing copyright or trademark. Likewise, it will administer transparent management objectives and ‘trusted data.’

The blockchain technology firm sells equipment for cryptocurrency mining. At the same time, it evolves blockchain tech for clients which include the Ukrainian government.

Bitfury sells mining equiment for mining cryptocourrencies such as Bitcoin. (Pixabay/Aaron J. Olson)

The Bitfury Group was established in 2011 founded by Valery Nebesny and Valery Vavilov wherein late last year, procured $80 million in funding. The most recent funding was made on July 31, 2018, from a Series C round and has raised a total of $170M in funding over 7 rounds. It is funded by 19 investors including the latest stakeholders former Goldman Sachs Mike Novogratz, founder of Galaxy Digital, a crypto-focused merchant bank, and Macquarie Capital.


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