How The Blockchain Technology Could Change The Music Industry
Speaking of Blockchain, it usually renders to cryptocurrencies, finance, and digital records. Certainly, that is merit because blockchain is the technology that pushes bitcoins and allows digital coins or digital assets to flow from one person to another in a safe way and also without the involvement of any third party. But, blockchain has a lot more potential than only financial, and one such sector that will have promising results is Blockchain Music.
In recent years, blockchain technology has covered its limbs throughout nearly every industry possible, proposing itself as the tape that can mend any hurt. The music industry is also on the line that needs to be cured at first. The industry still remains behind meanwhile technologies for listeners developing pretty fast.
In the past three years, the industry has displayed some increase even considering the decrease of general industry figures by decade. Insiders predict the difference in live ticket music sales on $2 billion by 2021, which could lead to global revenue grows. In the case of increasing money amount, the industry has to modify technology to save itself. Moreover, it is important to certain that people involved in the process are paid accurately. And blockchain offers the technology to implement the changes in the best way.
It is known that music piracy is the largest factor in the fall over the prior two decades. It is amazingly simple to obtain pirated music free to download online. Blockchain can be a tool to prevent digital fraud and reduce piracy and provide more fair remuneration for people from the industry for the work they do.
Blockchain Technology in Music Business
The technology can be used to embed intellectual property rights of creative items by using a distributed ledger. A distributed ledger is an open-source record that operates all data of all transactions in a blockchain. However, not all blockchains allow all people to view this information. It could be a strong proof of ownership and avoid longstanding conflicts between studios and artists.
The music business is known for its difficult laws on ownership. The blockchain technology matures the patterned way to establish ownership bearing in mind the interests of all production layers. It makes the process easier for individuals who not involved in the process deeply. Providing a transparent scheme will facilitate purchasing music for movies and video games for both parts as well.
The heart of the technology is pieces of code that hold the complex agreements, that call smart contracts, making the process very hard to manipulate. For this moment partnership between users from different countries is challenging because of differences in the law but with the time the international rights can be placed across the globe. But the issue is that governments need to accept technology as a legal way to show ownership.
Because an artist is usually published and sells his music on diverse platforms it is hard to consent over an amount of money should be paid. It is conceivable that market leaders as Spotify and Apple Music are against blockchain because it means a direct partnership between an artist and the platform without any mediators and dividing the percentage of revenue as well. Songwriters, sound engineers, producers, and other collaborators will be paid in a fair and timely manner too.
As we know, musician majority forced to earn money outside of the industry to produce and promote their compositions and Blockchain gives the hope to drive the exhausted industry into the 21st century and make it possible for artists to leave from it.