London-based blockchain tech company JAAK that connects media, metadata, and rights, announced the plans for a blockchain pilot for the media and entertainment industry. The announcement was made by the company founder Vaughn McKenzie, during the EDCON ’17 (The European Ethereum Development) conference in Paris.

Vaughn announced ‘MΞTA’, which is a decentralized open network for the organizations in order to capture, store as well as verify and communicate the commercial metadata, smart contract blockchain platform – Ethereum, and their decentralized content storage platform – Swarm.

JAAK will be announcing its official partners soon in the coming months. The company has cut through the hype and misinterpretation on the music and the blockchain industry and has identified real solutions to real problems.

The company has worked along with UK’s performing rights organizations PRS for Music and PPL, and Viacom with the help and support from Ernst & Young LLP’s start­up innovation program – the EY Startup Challenge. This collaborative project observed and identified that the range of revenue streams associated with the quick transition to digital have increased the number of organizations capturing, managing, exchanging and using digital rights.

With the announcement of MΞTA, JAAK will accept major music and media organizations to join the Guardian Initiative. In this initiative, the consortium members will test, experiment and explore blockchain opportunities and its potentials in their respective industries.