The Korean pop music large SM Leisure has unveiled plans to construct its personal cryptocurrency and blockchain in collaboration with know-how group CTIA Labs.
CT-AI Labs CEO Sang-Sik Joo introduced the initiative on the developer convention of the South Korean crypto alternate UpBit, native IT information heart ITChosun reported on September 4.
Joo famous that they’re at the moment discussing the undertaking with companions who will construct the platform, however the particulars can not but be revealed.
Allegedly SM Leisure expects the blockchain platform to bridge the bodily and digital world. Joo responded to the event by defining the perform he sees blockchain within the leisure trade and says:
"Blockchain from the leisure viewpoint is a decentralized leisure entity."
An vital participant within the trade
The music trade is seen as an vital alternative for blockchain know-how. Curiously, it’s a device able to disassembling it, permitting direct financial interplay between followers and artists that might additionally get a larger discount within the worth they create.
As a Cointelegraph reported in a dedicated piece in June, blockchain can also be seen as a approach to distinction the censorship of music, which is usually additionally a type of protest.