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Spotify has acquired the Brooklyn-based blockchain startup Mediachain Labs, whose team will join the company’s office in New York where they will work on developing better technology for connecting artists and other rights holders with the tracks hosted on Spotify’s service. Prior to its acquisition, the startup had developed several technologies that could aid in these efforts, including a decentralized, peer-to-peer database to connect applications with media and the information about it, as well as an attribution engine for creators, and a cryptocurrency that rewards creators for their work.
