South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent – Bitcoin News

South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent – Bitcoin News

A South Korean music sharing stage, Koong World, as of late reported the enlistment of a non-fungible token (NFT)- based music robbery avoidance patent. Utilizing this patent, the music sharing stage expects to “solve the problem of copyright protection in the rapidly growing music market.”

Tackling the Problem of Copyright Infringement in the Music Industry

A South Korean distributed music sharing stage, Koong World, as of late enlisted an enemy of music robbery patent with the Korean Intellectual Property Office, a report has said. Kung World says the patent will empower it to tackle the test of copyright encroachment in the music industry.

The enlistment of the patent comes under a year after the send off of the music-sharing stage itself. Since its send off in 2021, the stage presently brags more than 2 million individuals and north of 40,000 enlisted songs.

According to a report by Forkast, Koong World was granted a patent enrollment by the Korean Intellectual Property Office on April 14, 2021. One more report by FN News said the patent is for “a method of providing services performed on a server of a music platform using blockchain-based NFT.”

Development of an Open Ecosystem

In his remarks following the enlistment of the patent, Kim Han-jo, the executive of Koong World, explained how the patent assists specialists with safeguarding their licensed innovation. The executive said:

Based on this patent, we are giving a chance to tackle the issue of copyright assurance in the quickly developing music market, and simultaneously apply advanced testaments to all items in internet business, which has turned into an issue in web-based item exchanges. We intend to deliver an innovation to determine the fake debate soon.

The director additionally indicated that the progress of the patent depends on the improvement of an open environment that “utilizes all online products including music and financial services, and receive fair compensation.”

The report said Koong World’s NFT patent, which has been depicted as the first of its sort, is supposed to help “guarantee” benefits that build to music creators.

What are your contemplations on this story? Let us know your thought process in the remarks area underneath.


Terence Zimwara

Terence Zimwara is a Zimbabwe grant winning columnist, writer and essayist. He has expounded widely on the financial difficulties of a few African nations too as how advanced monetary standards can give Africans a departure route.

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