SEOUL, South Korea, Jan. 3, 2018 /PRNewswire/ -- Glosfer will take an advantageous position in the global copyright market by enabling innovations in the industry.
On the 14th, Glosfer, a blockchain company, said it had signed an MOU for research on a blockchain-based distribution platform of creations with Gemmy Company, which provides a platform to protect copyrights of music.
Glosfer has been conducting various businesses based on blockchain technology including HYCON ICO and cryptocurrency exchanges. An official from Glosfer said, "With this contract, we will use blockchain technology in the domestic music industry to protect copyrights. We will streamline the distribution process by providing P2P-based service to ensure that producers get profits they deserved."
Starting from this project, the two companies said they will continue to work together to create a specialized global exchange platform where all kinds of creations can be registered and traded including picture, image, art work, Webtoon, and trademark rights in addition to music to protect intellectual property. To make this happen, they will establish a consortium with relative businesses and organizations to create a blockchain-based platform for creations for the first time in the world.
"Many musicians and producers are facing problems due to the high entry barrier to the entertainment industry. Lowering the barrier through innovation in the music distribution system is a challenge we must address to extend the Korean Wave. We want to contribute to improving the environment for musicians and producers by creating a content-platform based on technology. Blockchain technology is the most appropriate solution in protecting copyright and streamlining the distribution process by connecting users to producers. For these reasons, we decided to work together with Glosfer to create a new ecosystem for protecting intellectual property right," said Gisang Nam, Vice Representative of Gemmy Company, which has contributed to making girl groups such as Girlsday and Dal Shabet famous.
Taewon Kim, CEO of Glosfer, said "We are excited to work with Gemmy Company as we can apply blockchain technology into actual businesses and industries. Correcting the imbalance in the music distribution market, which is a big social issue today, will provide us with a good opportunity to demonstrate blockchain technology to the public. We can also incorporate HYCON, our own cryptocurrency, into the music platform to create a payment system where anyone can purchase music easily. This way, we can expand the music platform project overseas and take a step further to lead the global music industry.
GLOSFER is the first generation of blockchain company in South Korea. It seeks to create social values with blockchain technology. GLOSFER maximizes the value of cryptocurrency by issuing HYCON and establishing and operating online/offline cryptocurrency exchanges. With Infinity Project based on HYCON, the company establishes and facilitates its own cryptocurrency ecosystem while contributing to making a transparent and fair society based on blockchain technology by working with public institutions.
Jaehan Lee, Manager of Marketing
Bina Cho, Creative Director
Chris & Partners - Partner of GLOSFER