Russian pop singer Oleg Kenzov has completed the first digital rights transfer of a song he wrote using a blockchain platform backed by the government.
According to VC.ru, the studio Soyuz reached a licensing agreement deal with 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 blockchain rights transfer was held in the presence of top music industry players from major record companies and labels such as Warner Music Russia, Sony Music, Universal Music, Zhara Music label, among others.
Music companies expect the technology to streamline the distribution of musical creations from local artists, by making it easier for all the parties involved to transfer digital rights.
Artists using the platform receive payments immediately. The entire process of transferring digital rights took less than ten minutes.
Blockchain platform IPChain provides tools for managing the musicians’ creations as they are distributed globally, taking into account