Benefits of using blockchain technology in music
Blockchain technology may not solve all the music industry problems, but it can bring the music industry into the 21st century, benefiting artists and earners. It has the potential to save the music industry billions by revolutionising the process of paying royalties and ensuring that artists, writers, publishers, and everyone in the music industry value chain are paid accordingly.
Simply put, blockchain can restore the way music is produced, bought, sold, listened to and managed in a fair and transparent manner. With the help of blockchain, musicians can receive fair royalties, concert halls can fight against fake tickets, and record companies can easily track music streams and instantly pay all artists who created songs or albums. Blockchain music can also help to connect artists and fans by allowing listeners to pay micropayments to artists to listen to their songs directly.
If blockchain technology is used in the music industry, smart contracts can be implemented to pay artists as soon as certain requirements are met. The smart contracts can benefit all music industry partners by reducing exchange costs when distributing the value generated. It’s also worth noting that some well-known companies could have a major impact on the music industry if they decide to use blockchain technology to pay artists. Upcoming musicians striving to make their mark in the industry can also make their music more profitable with blockchain solutions such as music coin and crypto music to control their content better.
Some of the biggest flaws in the music industry that blockchain technology can help fix are low transparency (especially when it comes to metadata and copyright), minimal payouts to artists due to multiple intermediaries, and lengthy royalty processes. Some people in the music industry argue that blockchain technology can help the entire industry co-create a stable, resilient, and healthy ecosystem with artists at the centre without friction, and this still benefits everyone.
When it comes to NFTs, blockchain comes in handy as an ideal way to create a proof of authenticity for digital content. If this technology is implemented correctly, blockchain can help solve many problems in the music industry and make life easier for artists and fans alike. When it comes to transparency, blockchain is a sure-fire way to prove ownership of a particular piece of music, as well as confirming each person’s right to their copyright.
The blockchain can create and store hashes of digital music files as well as smart contracts that detail the music and the rights of its owners. Some blockchain-based technologies can also execute smart contracts, i.e., contracts whose terms are written in code and embedded in the blockchain that can be configured to automatically trade in blockchain-based currency if they meet certain conditions. The combination of a blockchain-based platform and smart contracts, along with standards of inclusivity, honesty and transparency, confidentiality, security, respect for rights and fair exchange of artistic community values in the agreement, can allow artists and their employees to form a new music ecosystem. The new blockchain-based music ecosystem will allow artists to be paid directly and give them more control over how their songs and associated data are distributed to fans and other musicians.
Thus, consumers can pay for music streaming in the same way as they do now but using blockchain platforms. The main desire of music creators is to legally distribute their songs on blockchain networks without requiring intermediaries. Hence, this is not a model based on music labels or technology distributors but focuses on artists. Blockchain can be designed so that artists can create music and get paid fairly for the value they create, and music lovers can consume, share and enjoy what they love, and pay a fair price.
In addition to the above, blockchain-based rights and payment layer could provide people around the world with an easy way to license, buy, stream, collaborate, and truly invest in music projects using smart contract technology in a completely transparent manner. Blockchain could be the tool that redefines the way music is licensed, allowing all partners in the industry to profit from a more transparent and efficient system. Decentralisation in music is also being supported by popular artists whose supporters are promoting distributed blockchain technology as a way to efficiently distribute music, simplify royalty payments, eliminate costly intermediaries, and establish the origin of the music creator.
The market is still in its infancy, with blockchain-based streaming platforms recently emerging with the support of influential players in the industry. The emergence of blockchain newcomers received backlash from major music streaming platforms favouring established artists, with little opportunity for independent musicians to gain the audience they needed to monetise. Thanks to blockchain technology and tokenised artwork, music labels and independent artists are slowly but steadily enjoying the benefits of regaining control of their money and their art. This has led to industry giants testing new blockchain-based incentive models to remain competitive.
In conclusion, many blockchain streaming platforms serve the same purpose: to connect artists with paying fans by eliminating the middleman. While these improved incentives for both artists and fans may help increase the use of blockchain in the music industry, previous incidents in the sector may play a decisive role in guiding artists towards new and improved systems.
Benefits of using blockchain technology in music
Blockchain technology may not solve all theRead More