Yesterday, South Korea’s CJ OliveNetworks launched a blockchain digital copyrights system. CJ OliveNetworks is the IT division of Seoul’s CJ Group which has $62.9 billion in assets.
Music has two separate sets of copyright. One is for the song itself, and the other is for the music composed of its underlying elements like beats, instruments etc. This makes it challenging to manage copyrights and process royalty payments.
CJ OliveNetworks’ blockchain platform will record music usage history in advertisements, promotional videos and other broadcast content. This will provide stakeholders such as music producers, broadcasting agencies, copyright holders and copyright associations with greater transparency to process royalties.
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