Oleg Kenzov (Олег Кензов), the popular Russian musician, has transferred the world’s first ever digital rights of a song he had composed through a Russian government-backed blockchain platform, IPChain.
It has been reported that the studio Soyuz reached a licensing agreement deal with music service FONMIX to distribute Kenzov’s song “Po Kaifu” to stores, restaurants, and gyms who wish to use it for marketing purposes.
However, the historic blockchain rights transfer was held in the presence of top music industry players from major record companies and labels such as Warner Music Russia, Sony Music, Universal Music, Zhara Music label, among others.
According to the report, music companies expect the technology to streamline the distribution of musical creations from local artists, by making it easier for all the parties involved to transfer digital rights.
Artists using the platform receive payments immediately, as the entire process of transferring digital rights took less than ten minutes.
IPChain, a blockchain platform, provides tools for managing the musicians’ creations as they are distributed globally, taking into account the legislation of specific countries and any record label imposed geo-restrictions.
Andrey Krichevsky, the President of the IPChain Association, said:
“What we did has no precedent. But the music industry is extremely pragmatic in this regard. Therefore, blockchain has long remained an interesting, but not a very clear tool. Now, we are finally ready to give a concrete answer to our colleagues’ question: ‘Why?’”
Thus, Krichevsky added:
“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.”