BMG, Global Music Rights, Warner/Chappell and Sentric are among the music companies involved in a new blockchain pilot with tech start-up JAAK.
The companies, together with Warner Music Group and Phoenix Music International, have entered into a partnership with JAAK’s blockchain network, KORD.
KORD will operate as a permission-less, decentralised network of intellectual property information, allowing rightsholders to collaborate on an industry-wide view of rights.
Within KORD, users will be connected to a shared data network where they have the sole authority to insert, update and remove their own information, creating a public record of rights and an immutable audit trail.
KORD will include a framework to detect conflicting information in the network, allowing users to resolve conflicts and converge on a global view of intellectual property rights.
Following completion of the pilot, JAAK will launch Music Sandbox, allowing JAAK to develop products and the KORD network in collaboration with the wider music industry.
Vaughn McKenzie-Landell, chief executive of JAAK, said: ‘The internet solved many of the problems relating to rights issues but compounded others.
‘We have developed the pilot in collaboration with the music industry to directly address their needs. The goal of KORD is to harness blockchain technology to make the world of IP rights better for everyone, starting with the music industry. We’d like to thank our pilot participants for their continued support and valuable insight.’
In 2016, PRS for Music worked with JAAK on a EY Startup Challenge mentorship programme, working with the company on digital rights management solutions.
Read our feature with Vaughn McKenzie-Landell, Music and Metadata: is blockchain the answer?