Representatives of a major music company from Korea, SM Entertainment, announced that they plan to create their own cryptocurrency, as well as a blockchain in partnership with CTIA Labs.
CEO of CT-AI Labs San Sikh Ju said this at the conference of the South Korean exchange UpBit. Ju told that at the moment the partners are discussing the details of the future project, however, he did not share any exact information.
It is worth remarking that many musicians consider blockchain technology as an excellent opportunity to increase earnings. Blockchain is believed to be a tool to eliminate intermediating, which allows direct economic interaction between fans and celebrities. In addition, using the capabilities of blockchain technology, it is possible to resolve the issue of copyright easily and simply, and this is a rather important issue in the music industry.