Blockchain Technology In Music Industry

In 2018, the blockchain will have a huge impact on the delivery chain with media content. The blockchain’s immutability and “trustless” features make the blockchain suitable for situations where record-keeping and sound information are important, including what assets are owned by people (such as music or movies). )record of. Once the legality of the asset is confirmed when the asset is recorded in the blockchain, it can be confirmed that these records will continue.

In fact, the impact of blockchain on the transfer of artistic works has already taken place in the music industry. Streaming services such as Spotify and Deezer require an extra layer of intermediaries to ensure that the artist’s copyright management process is properly implemented. The result is that art creators need to sign different contracts in each jurisdiction to protect their copyrights and pass on their work, often involving multiple layers of intermediaries.

But if you put art creation on the blockchain and establish a link to peer-to-peer transactions, you can achieve complete information transparency and automated execution transactions with digital currency such as Bitcoin or Ethereum’s smart contracts. It is also possible to reach a direct payment to the copyright owner. If all of these elements are in place, new market participants such as Musicinin and Revelator want to use the blockchain to skip common middlemen and streamline the digital rights management process, so that the music buyers can directly pay for the micropayments directly. Pay to the artist.

Leave a Reply

Your email address will not be published. Required fields are marked *