CJ, one of the largest conglomerates of South Korea, is going to develop a blockchain-based music copyright management system using AWS’ Amazon Managed Blockchain Service.
It has been reported that Yonhap, a Korean news agency stated that the initiative is being led by CJ OliveNetworks, a subsidiary of the CJ Corp parent company which operates the beauty retail and technology business of the conglomerate.
The digital copyright system will keep a history of the broadcasting of copyrighted songs and will store the information on the blockchain. The aim is to allow the owners and users of the material for sharing the resulting ledger and arrive at an equitable payment scheme for the use of the copyrighted intellectual property.
Kim Eung-do, a Director of the DT Convergence Research Institute at CJ OliveNetworks quoted in a report from Hankyung, a Business Outlet:
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders.” Kim Eung-do
Kim added:
“The blockchain-based copyright management system will greatly contribute to improving the copyright management process.” Kim Eung-do
CJ, one of South Korea's largest conglomerates, is developing a blockchain-based music copyright management system. https://t.co/PzYETH0vB3 — CoinDesk (@coindesk) September 20, 2019
According to the latest Fair Trade Commission Data, the CJ Group is South Korea’s 14th largest conglomerate and has 31 trillion won ($25.9 billion) in assets. It’s business lines include food and beverage, logistics, beauty stores, IT, entertainment and a cinema chain.
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Likewise, CJ OliveNetworks operates OliveYoung, one of the country’s K-beauty leaders, and has an IT division that does everything from the internet of things (IoT) to cloud computing to Big Data. But, a decision was declared in April to break the two and transfer the IT division to CJ Corp. CJ OliveNetworks did not respond to a request for comment.
However, AWS became available in Korea in 2016. It started providing its Managed Blockchain to the public in May 2019 following the introduction of the service late in 2018. AT&T, Nestle, and Accenture are among the clients for the service.