JAAK announces successful landmark music blockchain pilot with BMG, Global Music Rights, Warner Music Group, Warner/Chappell Music and other industry leaders

JAAK announces successful landmark music blockchain pilot with BMG, Global Music Rights, Warner Music Group, Warner/Chappell Music and other industry leaders

London-based tech start-up JAAK announced a successful pilot of its blockchain network (KORD), in partnership with leading record labels, publishers, performing rights organisations, music industry service companies, and distributors. Participants include BMG, Global Music Rights, Outdustry, Phoenix Music International Ltd, Sentric, Warner Music Group and Warner/Chappell Music.

JAAK is now working alongside the music industry to explore how blockchain technology can help address the problem of the allocation of royalties in the new digital technologies. JAAK has been supported by its status as a Techstars Music alumnus and Friend of the Association of Independent Music (AIM).

Pilot participants provided product and rights data to JAAK, which was held in a private version of the KORD network.

KORD will operate as a permissionless, decentralised network of intellectual property information, allowing rights holders to collaborate on an industry-wide view of rights. Within KORD, users will be connected to a shared data network where they have the sole authority to insert, update and remove their own information, creating a public record of rights and an immutable audit trail. KORD will include a framework to detect conflicting information in the network, allowing users to resolve conflicts and converge on a global view of intellectual property rights.

Leveraging KORD's functionality, JAAK is building a new generation of applications and tools for the music industry. In this pilot JAAK built the first application on top of KORD, which demonstrated how blockchain technology can provide rights management and licensing capabilities on a global scale - when there is industry-wide collaboration on rights.

Following completion of the pilot, JAAK will be launching an industry-wide Music Sandbox, allowing JAAK to develop products and the KORD network in collaboration with the music industry.