South Korea’s top entertainment firm SM Entertainment will issue its stable coin and use blockchain to reward fans.
Joo Sang-sik, head of the SM Entertainment CT-AI Labs, said Wednesday that the company has been developing its coin through blockchain.
He remarked at the Upbit Developers Conference 2019.
SM Has already introduced applications for the sing-a-long room called Noraebang in Korean, artificial intelligence in hologram, robots and disc jockeys.
He said SM has been tapping latest technologies for upgrading the domestic entertainment industry.
He said blockchain would make it transparent and straightforward to settle payment on music streaming and reward composers. About 33-52 trillion won has yet to be cleared in the global music industry for payment on music streaming and reward to artists, he said.
Fan and artists could deepen bonds when they meet through blockchain platforms. Fans could get the reward according to the contributions they make, and artists could get adequate rewards for their music, he predicted.
Joo said SM plants to open its blockchain main net. Through blockchain, SM would expand the business, not only in music but also sports, drama, movies, and show programs.
