A South Korea conglomerate has chosen blockchain technology made by world leading online retailer Amazon as its copyright data solution.
Coin Rivet, citing Yonhap News, has reported that CJ Corp is to employ blockchain technology developed by Amazon to manage its copyright information.
Headquartered in Seoul, South Korea, CJ Corp comprises numerous businesses across various industries, from food and pharmaceuticals to media and home shopping. The group’s utilization of Amazon Web Services’ (AWS) Elemental MediaConvert, a blockchain solution for extracting music content from broadcast data, will purportedly bring greater transparency to music copyright management.
The file-based video transcoding service will mainly provide storage tools to CJ Corp, ultimately enhancing its ability to manage intellectual property.
According to Coin Rivet, music companies are increasingly turning to blockchain technology in search of solutions, with the burgeoning realm offering a variety of benefits such as increased fairness for musicians and more efficient distribution. CJ Corp’s adoption of blockchain has therefore been viewed by analysts as consistent with that emerging trend.
Blockchain technology has been especially well-received in South Korea. According to Park Won-Soon, the mayor of Seoul, efforts are being made to transform the city into a hub for blockchain adoption and solutions. In 2018, he was quoted as saying, “There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry.”
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