Russian pop singer Oleg Kenzov has completed the first transfer of digital rights to a song he wrote using a government-backed blockchain platform.
According to VC.ru, the Soyuz studio has entered into a license agreement with the music service FONMIX to distribute Kenzov’s song “Po Kaifu” to stores, restaurants and gyms who wish to use it for marketing purposes.
The historic transfer of blockchain rights took place in the presence of major players in the music industry from major record companies and labels such as Warner Music Russia, Sony Music, Universal Music, Zhara Music, among others.
Music companies expect technology to streamline the distribution of musical creations by local artists, making the transfer of digital rights easier for all parties involved.
Artists using the platform receive payments immediately. The entire digital rights transfer process took less than ten minutes.
The IPChain blockchain platform provides tools to manage musicians’ creations as they are distributed around the world, taking into account the laws of specific countries and any geographic restrictions imposed by record companies.