South Korean music sharing platform Koong World recently announced that it has registered a patent to prevent music theft based on a non-volatile token (NFT). Using this patent, the music sharing platform seeks to “solve the problem of copyright protection in the rapidly growing music market.”
Addressing Copyright Infringement in the Music Industry
South Korean music sharing peer-to-peer platform Koong World recently registered a patent against music theft with the Korean Intellectual Property Office, according to a report. Koong World claims that the patent will allow it to address copyright infringement in the music industry.
The patent registration comes less than a year after the launch of the music sharing platform itself. Since its launch in 2021, the platform has more than 2 million members and more than 40,000 registered songs.
According to a report by Forkast, Koong World’s patent was registered by the Korean Intellectual Property Office on April 14, 2021. Another FN News report states that the patent is for “a method of providing services performed on a music platform server using blockchain-based NFT.”
Open ecosystem development
Based on this patent, we provide an opportunity to solve the copyright protection problem in the fast-growing music market and at the same time apply digital certificates to all products in e-commerce, which has become a problem in online product transactions. We plan to release technology in the near future to resolve the counterfeit dispute.
The Chairman also hinted that the success of the patent depends on developing an open ecosystem that “will use all online products, including music and financial services, and receive fair compensation.”
The report said Koong World’s NFT patent, which has been called the first of its kind, is expected to help “guarantee” profits for music creators.
Image Credits: Shutterstock, Pixabay, Wiki Commons