CJ, the group that takes proud of being one of South Korea’s largest conglomerates, has integrated with AWS’ Amazon Managed Blockchain Service to launch a blockchain-focused music copyright management system.
In a report released on Thursday, it was revealed that the project is helmed by CJ Corp’s subsidiary firm, CJ OliveNetworks which controls the beauty retail and technology arm of the conglomerate.
As per the announcement, the digital copyright mechanism will maintain a history of the broadcasting of copyrighted songs and will store the complete information on the blockchain network.
The primary objective of the highly-anticipated initiative is to render the users as well as the owners of the material data to share the resulting ledger and come to an equitable payment portfolio for employing the copyrighted intellectual property to use.
Kim Eung-do, a director of the DT Convergence Research Institute at CJ OliveNetworks, quoted that “It is very important to have a system that guarantees fairness and transparency among copyright stakeholders.” He further added that “The blockchain-based copyright management system will greatly contribute to improving the copyright management process.”
According to the stats of the latest Fair Trade Commission, CJ Group is South Korea’s 14th largest conglomerate with a whopping 31 trillion won or $25.9 billion worth in assets. The giant conglomerate has its presence in an array of fields including food and beverage, logistics, beauty stores, IT, entertainment, and a cinema chain.
CJ Group’s subsidiary, CJ OliveNetworks, operates one of the country’s leading K-beauty retailers, Olive Young. It also controls one IT arm as well which is involved in varied technological domains including cloud computing, Big Data, internet of things, etc. However, in April, a decision was taken owing to which the IT division was separated from OliveNetworks and shifted to CJ Corp.
AWS made its first appearance in Korea in 2016. The firm began offering Managed Blockchain services to the customers in May 2019. Notable clients of the firm include AT&T, Nestle, and Accenture.