The two Israeli companies plan to build a rights management AI for provision of secure issuance and distribution of digital assets, including listing and registration of musical works for its clients and helping collecting societies provide more transparency and efficiency.
Bruno Guez, founder and CEO of Revelator, noted-
We are very excited about the potential for Colu’s platform to simplify the management of music rights, starting with those associated with songwriters and their compositions. Colu has made the complex technology of the blockchain accessible for integrations into platforms like ours, and we’re looking forward to exploring all the ways it can improve service to our clients.
D.A. Wallach, whose essay “Bitcoin For Rockstars” widely popularized the concept of a decentralized repository for music rights ownership, expressed enthusiasm for the partnership between Colu and Revelator. He said-
I am thrilled that such capable entrepreneurs are chipping away at the vexing lack of transparency that makes it so hard for artists today to understand their sources of income. There is great opportunity for this approach to evolve into an industry-wide standard.
Amos Meiri, Colu CEO and co-founder, added:
The Colu team has been working closely with various companies to finally leverage blockchain technology in a consumer-friendly way. We’re excited to launch this beta more broadly so solutions and services can be used by consumers down the road, starting with an industry as dynamic as music and entertainment. Colu is committed to making blockchain technology easily and safely accessible for everyone.
In January 2015, Colu raised a $2.5 million seed round of funding led by Aleph and Spark Capital, including participation from Digital Currency Group and Boxgroup. The technology leverages Colored Coins, an open source protocol developed by Colu. The company also just launched a beta platform based on Bitcoin blockchain technology that can be used by developers and consumers without bitcoin knowledge to create and trade many kinds of digital assets.
Revelator was established in 2013 to bring enterprise-level tools to music distributors, labels, artists, and managers worldwide,