SM Entertainment has shared plans to develop their own blockchain platform with aims for it to become a win-win model for both the agency’s artists and their fans.
CT-AI Labs CEO Joo Sang Shik announced the plans at the 2019 Upbit Developers Conference that took place on September 4. CT-AI Labs works exclusively with SM Entertainment in developing new technologies such as artificial intelligence and blockchain.
Joo Sang Shik stated that he could not reveal the specifics but shared that the company is currently in talks with sub-contractors that will help build the network and added that it will utilize concepts of both public and private blockchains in development.
He further expressed SM Entertainment’s belief that blockchain can become a bridge between the physical and virtual world, saying, “From an entertainment standpoint, blockchain is a decentralized entertainment entity. We will work to foster a virtuous cycle of tangible and intangible assets through the industry.”
To do so, SM Entertainment hopes to form a token economy using cryptocurrency that allows artists to create more quality content through the contributions of fans, with fans also being rewarded based on those contributions.
Finally, Joo Sang Shik emphasized that this blockchain venture is not something that will be created in a short amount of time. He said, “We are revealing the plans as the first step in a phased approach. We must continue on without stopping so that we can view blockchain and cryptocurrency with a new perspective.”
source: @soompi, soompi, it.chosun