Leshi, the largest online video company in China with over US$1.6 billion annual revenue, has announced its plans to implement the blockchain technology at the Ministry of Electronics Standards Institute (MESI).
The company has established two subsidiary organizations under its brand called LeFinance Blockchain Labs and LeEco Blockchain Alliance to create a White Paper for the blockchain-based application the Leshi development team envisions to integrate into their newly launched LeFinShare platform.
LeFinShare is a music and digital content distribution platform with which artists and content providers can monetize their creations using the Leshi blockchain tokens, which will be distributed upon the launch of the LeFinShare blockchain platform.
Essentially, the Chinese media giant is exploiting the blockchain technology to build an entirely new mechanism of sharing music on the internet. Leveraging the decentralized and transparent nature of a blockchain network, the Leshi development team is attempting to create a shared protocol for artists and for label companies to distribute their music and monetize it in a more efficient and open network.
Gao Lin, the Senior Director of Operations and Finance at Leshi specifically emphasized at the MESI that the financial and media industries have monopoly over the