Two companies you would have never pegged to join hands have recently done just that. In fact, Spotify, which many uses to stream their favorite music directly from desktop or mobile devices, just completed what many are calling the largest purchase from an industry firm this year, with its recent acquirement of Mediachain Labs, a blockchain startup.
Mediachain was previously looking to establish a platform which would allow creators to keep a detailed record on the bitcoin blockchain, allowing for convenient storage on the InterPlanetary File System (IPFS).
Little details regarding the purchase are available as of yet. However, we do know that Mediachain Labs’ team is expected to merge with Spotify’s New York offices to take steps towards making the previously mentioned record-keeping process happen.
Spotify released the following statement in regards to the deal: "The Mediachain team will join our New York City offices and help further Spotify's journey towards a more fair, transparent and rewarding music industry for creators and rights owners."
Additionally, the startup company released its own comment via blog post: "As we sync up with Spotify, we will turn Mediachain over to the [open-source software] community — all source code and documentation will remain open source and openly licensed."
Spotify serves as a digital music service, giving users access to millions of songs, and its recent purchase grants it entry to the ever-growing Bitcoin realm.
Source:
“Spotify Acquires Blockchain Startup Mediachain”, coindesk.com, April 26, 2017.
