As per recent reports, a Memorandum of Understanding has been signed between TOWB Music, Inc. and Davinci Foundation, a Korean-Chinese joint company that was founded in Singapore in 2017. This collaboration is to facilitate the development of an innovative global trade system in the music industry and to expand the blockchain ecosystem controlled by Davinci.
TOWB Music is based out of Orlando, in Florida and has been slated as the world’s first Originated “Blind Music Competition” based, an audio distribution platform that has auto-share algorithms.
Both the firms will exchange ideas and share mutual experiences to develop the blockchain, the financial technology as well as the analytical and research side of the matter. The collaboration will also utilize the strong advisory board of blockchain experts and industry leaders made available by Davinci, as well as the services and marketing resources provided by TOWB Music and work to increase their presence in North and South America, Europe as well as Middle East markets. Davinci Foundation’s AI-based POS blockchain infrastructure and TOWB Music’s Global Services and Marketing capabilities will be used in an effort to present a new model for the copyright payment system to musicians worldwide and to succeed in TOWB Music’s ICO.
The CEO of Davinci, Seungjae Han, said
“Davinci Foundation will seek different ways to mutually benefit with TOWB Music, who has a very interesting and fair business model about music” and added “I hope to see many different companies in a variety of fields to join Davinci’s platform.”
TOWB Music CEO, Eric Sim said that
“I believe that when the Global Digital Music market meets Blockchain technology, we can present a new payment system for copyright to musicians worldwide. Also, I feel confident that both companies can establish a new system of copyright payment to succeed in our ICO launch.”