AWAL co-founder Kevin Bacon (right) and Tim Delaney, formerly of U2’s management team, are involved in a new venture to protect the revenue and rights of the next generation of songwriters. It's called MgNTa (pronounced "magenta").

Using blockchain technology, MgNTa offers songwriters an identifier that will help ensure that they earn revenue for the use of their songs. The platform, which will launch in spring, was built by Finnish startup Family in Music, founded by entrepreneur Juka Hynynen.

Bacon will serve as Chief Innovation Officer, while Delaney, who also has history at Island, Mercury, RCA and Arista, is Managing Director.

“With Family in Music, I’m able to consolidate all my experience in one place, and MgNTa is something we're both proud of and are certain is desperately needed,” said Bacon. “While technology saved the music industry, it has never been kind to songwriters. Our mission is to address that gap.”

Added Delaney: “There has been much debate about streaming generally and the low levels of remuneration for songwriters. But what about those getting nothing at all? It’s an age-old problem. We have the thoroughly modern solution, using technology to aid the writer rather than harm them.”