CJ Group, one of South Korea’s largest conglomerates, is reportedly developing a blockchain-based music copyright management system based on AWS’ Amazon Managed Blockchain Service, according to local media.
Korean news outlet Yonhap recently reported that the project is being led by CJ OliveNetworks, a beauty retail and technology business arm of CJ Corp.
The digital copyright system will collect a history of the broadcasting of copyrighted songs and store the information on the blockchain in order to allow the owners and users of the material to share the resulting ledger and arrive at an equitable payment scheme for the use of the copyrighted intellectual property.
Kim Eung-do, director of the DT Convergence Research Institute at CJ OliveNetworks, was quoted in a report by business outlet Hankyung as stating that “The blockchain-based copyright management system will greatly contribute to improving the copyright management process.”
According to the latest Fair Trade Commission data, the CJ Group is currently South Korea’s 14th largest conglomerate and possesses approximately 31 trillion won (US$25.9 billion) in assets. Its business lines include food and beverage, logistics, beauty stores, IT, entertainment and a cinema chain.
OliveYoung, operated by CJ OliveNetworks, is also one of the country’s K-beauty leaders with an IT division that deals in various tech fields, from Internet of Things (IoT) to cloud computing to Big Data. However, a decision was made in April to split the two companies and transfer the IT division to CJ Corp. CJ OliveNetworks did not respond to a request for comment.
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