Spotify Acquires Mediachain

Spotify Acquires Mediachain

Spotify, the popular music streaming service, has acquired Mediachain Labs, a blockchain start-up aiming to provide a more transparent music industry.

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Spotify, the popular music streaming service, has acquired Mediachain Labs, a blockchain start-up aiming to provide a more transparent music industry.

“As we sync up with Spotify we will turn Mediachain over to the OSS community — all source code and documentation will remain open source and openly licensed.”, said Mediachain on their blog (blog.mediachain.io).

The Mediachain Labs team will join Spotify in their New York City offices, where they are reportedly collaborating to achieve their common goal – a fairer and more transparent music industry.

Connected platform for artists

Mediachain Labs has worked towards the creation of a more connected platform for artists. The team has used open. peer-to-peer protocols and blockchain in order to empower artists and help them reach their audiences more effectively.

In a period of three years, the company has created a decentralized data infrastructure, while building applications that enable attribution for creators. They have also prototyped their own cryptocurrency to reward artists for their work.

Arkadiy Kukarkin, Mediachain Lab’s chief technical officer, was the first engineer hired at Hype Machine, a music curation company.

“The problem is simply that no central database exists to keep track of information about music. Specifically, there are two types of information about a piece of music that are critically important: who made it and who owns the rights to it. Right now, this information is fiendishly difficult to track down, to the great detriment of artists, music services and consumers alike.”, wrote Jesse Walden, co-founder of Mediachain Labs, in a blog post.

Speaking about Blockchain, he said: “It is effectively a decentralized database where participants follow a protocol to record the ownership of tokens of value and their exchange, without the need for a central entity like a bank to provide trust.”

“An imaginative person will jump to extend the metaphors of such a system to other domains, and of course to the music industry. A music blockchain would be a single place to publish all information about who made what song, without having to trust a third-party organization.”, explained Walden.

The latest solution developed by Mediachain Labs solves another similar problem existing in the visual image industry. Therefore, the company introduced the Mediachain Attribution Engine, a blockchain-based image attribution search engine.

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