CJ Group to Develop Music Copyright System with Amazon’s Blockchain

Asia Blockchain Review
September 29, 2019

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.

Blockchain-based Platform for Music  

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.”

Growing Steadily with IT Expertise 

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.

Source: https://www.cryptonewsz.com/ 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:


Related Article
3 Blockchain Trade Finance Projects in China Pass $63bn in Volume
Three major blockchain trade finance initiatives in China have a combined volume of US$63 billion, w...

December 8, 2019

South Korea’s Fantom Partners with Afghan Government
South Korean blockchain firm Fantom has entered into a partnership with the Afghan government to dev...

December 8, 2019

S4 Agrotech Firm Adopts Blockchain to Address Food Waste
Latin American agrotech firm S4 revealed that it is joining IBM’s Food Trust network in order to use...

December 7, 2019

KPMG Launches Blockchain-Based Platform to Verify Data for Trade Partners
KPMG Origins — a blockchain-based platform for global trade — has been officially launched by KPMG i...

December 7, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us