The London-based tech firm is developing a global network for intellectual property rights registration, management and monetisation, starting with the music industry.
Jaak has announced a successful pilot of its blockchain system, Kord, in partnership with leading labels, publishers, performing rights organisations, music industry service companies and distributors. Pilot participants also include Global Music Rights, Outdustry, Phoenix Music International and Sentric.
Jaak is working alongside the music industry to explore how blockchain technology can help companies manage the scale of music rights metadata. 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 decentralised network of intellectual property information, allowing rights holders to collaborate on an industry-wide view of rights. 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.
Following completion of the pilot, Jaak will develop products and the Kord network in collaboration with the music industry.
“The internet solved many of the problems relating to rights issues but compounded others,” said Vaughn McKenzie-Landell, CEO of Jaak. “We have developed the pilot in collaboration with the music industry to directly address their needs. The goal of Kord is to harness blockchain technology to make the world of IP rights better for everyone, starting with the music industry. We’d like to thank our pilot participants for their continued support and valuable insight.”
Sebastian Hentzschel, CTO & EVP recorded royalty processing, IT & systems, BMG, added: “Metadata is the lifeblood of today's music business. From studios to streaming sites, a clearer picture of recordings and copyrights could yield untapped benefits for artists and writers -- and Jaak is pushing an exciting frontier."
Sean O’Malley, COO, Global Music Rights, said: “Regardless of format, Global Music Rights is committed to clear and concise intellectual property metadata, especially the information surrounding licensing and rights ownership. Kord is technology that enables stewards like us to collaborate on the dynamic picture of every song and ensure the correct writers and publishers are accurately and efficiently compensated.”
Steve Clark, EVP global operations, Warner/Chappell Music, said: “Warner/Chappell is committed to ensuring our songwriters are paid as quickly, accurately and transparently as possible. We’ve invested heavily in our own systems, but we’ve also worked with pioneering partners, such as Jaak, to help us keep at the cutting edge of technology in this area. The Pilot is going well and we look forward to continued collaboration to harness blockchain technology to the service of our songwriters.”