Bitfury Group and the Quest to Decentralize the Music Industry

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Bitfury Group started out as an early bitcoin mining company. Later, the firm gradually became a blockchain oriented company with many different projects. The London-based company has now announced a new entertainment division which will be tasked with the development of an open-source music platform running on blockchain tech.

There’s always been money in music, good money. It’s not an unseen phenomenon for a company to try and make waves into the industry. Bitfury Group may be a large player in the blockchain industry, but this new project is something entirely new to them. There have been talks about decentralizing the music industry for a long time.

The new platform by BitFury Group

The new platform will be called SurroundTM and will simplify and the secure transfer of copyright assets. One of the biggest goals of the project is to create an easy-to-understand and use environment for musicians. This will allow them to monitor their output and have a detailed information of what works and what doesn’t. Essentially, the environment will allow artists to manage their affairs with far greater efficiency.

Stefan Schulz, the CEO of Bitfury Surround stated:

“We have a very good opportunity to enter an unexplored market. At the moment, there is a strong moment for an open entertainment-related blockchain. Users will have the ability to participate in the market venue not only from a transactional point of view.”

Bitfury Group hopes that the platform will be able to provide a digital system for both monetizing and the sharing of intellectual property. Currently, the project is Europe-based with office presence in Amsterdam and Berlin.

New offices will be added in LA, Moscow, Tokyo and Seoul in the coming months. It’s important to note that the project may look exciting, it’s going to be a long time since full completion.

Bitfury Group isn’t the only firm with a platform that is looking for a solution to copyright management. Kodak’s blockchain platform offers photographers the option to register their images and secure their intellectual property.

The company has recently been valued at $1 billion and it managed to raise over $80 million from investors including the merchant bank Galaxy Digital.

Bitfury’s valuation was pushed into the “blockchain unicorn” category which is inhabited by giants like Bitmain, Circle and Coinbase.

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