Pop singing star Oleg Kenzov from Russia has reportedly finalized the first digital rights transfer of a song he wrote, with the assistance from a blockchain platform, supported by the authorities.
Specifically, the studio Soyuz has reportedly achieved agreement on the distribution licensing with music service FONMIX, regarding Kenzov’s song “Po Kaifu”, to push out to stores, restaurants, and gyms who have plans to utilize it for marketing purposes.
Numerous big names from record heavyweights in the music sectors, nominally Warner Music Russia, Sony Music, Universal Music, Zhara Music label and more, have all reportedly witnessed the historic blockchain rights transfer go down.
Music firms reportedly look forward to the tech being able to enhance the distribution process of musical creations from local artists, via simplifying the digital rights transfer for all associated sides.
Artists who use the platform will reportedly receive money right away. The whole process of transferring digital rights requires no more than 10 minutes to be finalized.
Blockchain platform IPChain reportedly has solutions available for the management of musicians’ creations as they are distributed throughout the globe, which have already considered the regulatory requirements from particular nations, and any record label imposed geo-restrictions.
“IPChain is aimed at creating a comfortable environment for the joint work of labels and artists and increasing the volume of the music market as a whole.”