Bitfury to Launch Blockchain-Based Music Business

The Bitfury Group, a fintech giant that develops blockchain technology for clients and sells mining gear, has recently announced the launch of a blockchain-based music and entertainment division that’s set to be secured by the bitcoin blockchain.

The company’s new open-source platform, named SurroundTM, will encourage collaboration and promote innovation within the entertainment industry. According to Bitfury, it’ll streamline the “secure transfer of copyright assets,” including proper monitoring and management systems.

SurroundTM is, per the company, set to create a digital system that’ll allow users to share and monetize intellectual property, while giving them “transparent management functions and trusted data.”

Speaking to Reuters Stefan Schultz, Bitfury Surround’s chief executive and a 20-year entertainment industry veteran, stated:

There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional value point of view.

Schultz added that the platform itself is still being put together, although several parts “have already been in place.” The Bitfury Surround arm of the company is set to be based in Europe, with operations in Amsterdam and Berlin, and its platform “won’t be complete for some time,” Reuters reports.

As CryptoGlobe covered, the BitfuryGroup has last year completed an $80 million funding round led by Europe-based growth capital firm Korelya Capital, that included investments from Mike Novogratz’ crypto merchant bank Galaxy Digital, and Asia-based financial services firm Dentsu Inc. It valued Bitfury at $1 billion.

Bitfury has also recently partnered with one of the world’s largest consulting firms, PricewaterhouseCoopers, to deliver blockchain solutions to the consulting firm’s Russian enterprise clients. Bitfury’s clients for blockchain technology solutions reportedly include the Ukrainian government.