South Korean conglomerate CJ group’s subsidiary CJ OliveNetworks will initiate to use Amazon Web Service (AWS)’ “Amazon managed blockchain service,” to develop a blockchain-based music copyright management for tracking music in broadcast content, to help build a fair revenue model. The system will keep a record of a broadcast of copyrighted content and store it on the blockchain.
CJ OliveNetworks will use AWS service Elemental Media Convert, to extract music from broadcast content.
Kim Eung-do, Director of the CT Convergence Research Institute at CJ OliveNetworks, says,” The blockchain-based copyright management system will greatly contribute to improving the copyright management process.”
CJ OliveNetworks has an IT division that deals with the internet, cloud computing, and big data.
Amazon launched AWS in Korea in 2016 and started offering blockchain management to the Korean people in 2018.
In the digital age, illegal downloads and streaming services have left the artist as well as the music label out in the cold and deprived them of a share of the royalty rightfully due to them.
Blockchain technology could change all that and help artists and music labels re-assert control over their copyrighted material. If an artist’s price for an album is entered as a smart contract in a blockchain, then only those users who pay for the price of the album can listen to it. Illegal downloads will also end as without payment no user can access the album. Moreover, the artist can distribute the album on the blockchain himself. That will end the distributor’s role and hence, a larger share of the revenue from his album will reach the artist.
Also, the ledger of various downloads on the blockchain will be visible to both the artists and the users; thus, transparency will increase, and a fairer revenue model will be created in copyright management.