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Revelator, a cloud service for musical start-ups, reached an agreement to collaborate with Colu, the blockchain-based service for digital assets. This is the first integration of the Colu platform after its launch on 13 August.

The partnership seeks to create an `operating system' for musicians and distributors that would make music rights ownership more transparent. Revelator and Colu are now working together to develop a Right Management API to register all musical pieces and thus preventing illegal distribution of intellectual property. This will be achieved through smart contracts and digital assets. 

An Israeli bitcoin start-up, Colu has just officially launched its open beta platform inviting developers to build on it. At the moment, Colu offers three products: Colu Bag, a wallet to store and exchange digital assets; Colu Engine, an API to be integrated into different platforms; and Quick Asset Issuance, a tool for creating one's own asset in a user-friendly way. 

The service enables users to securely purchase and store all kinds of items on the blockchain. In January, Colu raised $2.5 million in a seed funding round led by American and Israeli venture capitalists. The team behind Colu were the original founders of Colored Coins, an open source application for creating digital assets on the blockchain. Colu uses Colored Coins protocol to issue and store digital assets based on the bitcoin blockchain.

Colored Coins is a technology that allows using blockchain symbols as substitutes for any object or sum of money and recording deals in a public ledger. CoinFox wrote earlier about LHV Bank Estonia that began experimenting with this new technology. The U.S. authority Financial Crimes Enforcement Network (FINCEN) stated in a letter addressed to a bitcoin company that working with colored coins and tokens might need money transmitter license.

Revelator was found in 2013 in Israel and offers software for artists and distributors to sell, promote and manage music on the web. Revelator's mission is focused on transparency:

“It’s time for the music business to get its house in order. And transparency between labels and artists is key to leading the industry forward into the 21st-century,” says a Revelator blog post.

 

Aliona Chapel