Bitfury, a mining rig manufacturer, has recently decided to expand its business beyond crypto mining and into the music industry. The company has decided to launch an open source project that will use the blockchain technology and will be called Bitfury Surround.
Bitfury Sound aims to distribute the money that the artists receive from the material that they create in a better way. The post in which the product was announced explained that Bitfury Surround will enable people from the music industry to streamline their operations as well as to transfer their own copyrights more easily.
The whole idea is to create an environment in which musicians can make more money, monitor their songs better and even manage their own careers in a revolutionary way.
According to Valery Vavilow, CEO of Bitfury, the main problem that can be found in the music industry is the lack of transparency. The industry has evolved a lot in recent years and it is more and more larger as time passes but it also really lacks accountability and transparency for the people involved. The blockchain, known for its transparency, was seen as the ideal technology because of this.
The CEO wants the industry to grow in a more healthy way and the path for that is to create an open and blockchain-based ecosystem, he belives.
Bitfury Is Expanding
The launch of this new product marks a new phase for Bitfury, which was focused on mining. Now, the company is trying to enter new industries using the blockchain technology.
It makes a lot of sense to do it since mining has become more and more unprofitable as time passes because of all the drop in the prices that happened last year.
This week, Bitfury tried to launch a blockchain off-chain payment system using the Lightning Network. Also, Bitfury has revealed plans to launch a new blockchain accelerator in a partnership with the PwC company. The accelerator will be based in Russia, a country that has a lot of blockchain potential but it is still lacking in some areas because of the uncertain regulation.