Glosfer said it would use blockchain technology to create a peer-to-peer service that streamlines distribution and protects copyright in the music industry.
Gisang Nam, vice representative of Gemmy, commented: “Many musicians and producers are facing problems due to the high entry barrier to the entertainment industry.”
Nam added: “We want to contribute to improving the environment for musicians and producers by creating a content-platform based on technology. Blockchain technology is the most appropriate solution in protecting copyright and streamlining the distribution process by connecting users to producers.”
Glosfer CEO Taewon Kim said: “We are excited to work with Gemmy as we can apply blockchain technology into actual businesses and industries.”
“Correcting the imbalance in the music distribution market, which is a big social issue today, will provide us with a good opportunity to demonstrate blockchain technology to the public.”
He explained: “We can also incorporate HYCON, our own cryptocurrency, into the music platform to create a payment system where anyone can purchase music easily. This way, we can expand the music platform project overseas and take a step further to lead the global music industry.”