Colu, an Israel- based colored coins startup has made an announcement that it has recently launched the beta version of its developer platform.
Individual developers and companies are welcome to build on the Colu platform. Along with that, the company has also announced its integration with Revelator a music business management platform.
In a statement, the chief excutive officer and co- founder of Colu, Amos Meiri stated, “The Colu team has been working closely with 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. ”
Colu and Revelator are going to work together to build a Rights Management API. This API will provide the secure issuance and distribution of digital assets such as listing and registration of musical works for its clients and aiding in collecting societies provide transparency and efficiency to all market participants.
The chief executive officer and founder of Revelator expressed his excitement by stating, “We are very excited about the potential for Colu’s platform to simplify the management of music rights, starting with those associated with song writers 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, an American musician and business executive who wrote the essay “Bitcoin for Rockstars” that has become quite popular, stated,
“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.”
At the start of 2015, Colu has raised $2.5 million in a seed round which was led by Aleph and Spark Capital, the Tel Aviv startup.
Among the other investors were BoxGroup and Bitcoin Opportunity Corp. At the time, Colu was working on a software that will allow the consumers to purchase and store digital tokens securely.
The main aim is to use the open- ledger system of bitcoin, where all transactions are recorded and it is quite difficult to create duplicates, to validate a range of transactions.