One of South Korea’s largest conglomerates, CJ is developing a blockchain-based music copyright management system using AWS’s Amazon Managed Blockchain Service.
The digital copyright protection system will preserve the history of broadcasting music on the blockchain. The goal is to allow owners and listeners to share the registry and come up with a fair payment scheme for using copyrighted intellectual property.
According to local news agency Yonhap, the initiative was led by CJ OliveNetworks, a subsidiary of CJ Corp, which operates the conglomerate’s retail and technology business. Kim Eung-do, Research Director at CJ OliveNetworks, said:
“It is very important to have a system that guarantees fairness and transparency among stakeholders in the field of copyright. A blockchain-based system will make a significant contribution to improving the copyright management process. ”
According to the Fair Trade Commission of South Korea, the CJ Group ranks 14th among the largest conglomerates in the country and owns assets of $ 25.9 billion. CJ OliveNetworks manages OliveYoung and has an IT department that deals with everything from the Internet of Things to cloud computing and big data.
More and more companies from South Korea are exploring the possibilities of introducing blockchain. Recently, the Korean mobile operator Union Mobile announced the launch of the Elynet blockchain project, and the technology giant Samsung has released a new blockchain smartphone KlaytnPhone with a built-in cryptocurrency wallet.
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