One of the largest conglomerates of South Korea, CJ group is planning to develop a music copyright blockchain management system with the help of AWS’ Amazon managed blockchain service.
In a report, the news agency of Korea, Yonhap said that the subsidiary of the parent company CJ Group, CJ OliveNetworks initiated the plan. This company works as a conglomerate’s beauty retail and technology business. The digital copyright system will keep broadcasting the copyrighted songs and save all the information on the blockchain. The main aim is to share the resulted ledger to the owners as well as the users of the material and provide an equitable payment scheme for using the copyrighted intellectual property.
It was reported by business outlet Hankyung that the director of DT Convergence Research Institute at CJ OliveNetworks, Kim Eung-do, said that the system should provide a guarantee of fairness and transparency among the stakeholders of copyright. He added that this copyright management system based on blockchain would be a great contribution to improve the management process of copyright.
According to the analyzed data by the latest Fair Trade Commission, the CJ group is the 14th largest conglomerate in South Korea and has won 31 trillion ($25.9 billion) in assets. Many business lines are connected with CJ groups like logistics, food and beverage, IT, a cinema chain, beauty stores, and entertainment.
OliveYoung, which is the K-beauty leaders of the country, is also operated by CJ OliveNetworks. It has an IT division that deals with the internet, cloud computing, and big data technologies. But, in April, it was decided to split the two firms and transfer the IT division to CJ Corporation. On the other hand, CJ OliveNetworks did not give any response to the request.
In 2016, AWS blockchain service by Amazon became available to the Korean people. In May 2019, Amazon started offering blockchain management to the public after following the introduction of its service in 2018. There are some clients like AT&T, Accenture, and Nestle with this service.
Recently, Bitfury, the mining manufacturer of blockchain and Bitcoin (BTC) launched its Surround venture to open the source for the music industry that can help artists to build a fair business revenue model.