How Blockchain Can Change The Music Industry

Think of a decentralized global system as the platform for musical business/contents; that is blockchain in the music industry. Put it this way, an artist has an already launched coin, he releases a song, adds it to the blockchain, prospective consumers then log into the blockchain to pay for access to this song with the artiste coin.

The early form of album sale which was the sale of CDs, went into extinction when Napster introduced music downloads via a P2P network called streaming. Today, there are lots of such platform like Spotify, Google Play, Amazon etc. But, the structure of these platforms has visible loopholes which blockchain has the potentials to fill.

A musical production is aimed at profit making but as it is, the artist tends to get little as returns cause of the heavy fees imposed by middlemen such as the downloads site like Spotify, promoters, writers, etc as royalties, these middlemen get control of the production and it’s returns and at the end, artistes get paltry sums for their works. Once artists are able to mint their own coins, the use of blockchain technology will streamline the distribution model thereby executing unnecessary and unfair royalties payment. This, therefore, gives control back to the artists.

Managing the generated data is another problem blockchain can solve. The cryptography structure of the blockchain enhances data security, transparency and makes it unalterable in a decentralized system.

The need for a global register and record of music list is covered by the blockchain technology. No doubt, a global record of songs will help to enhance proper monitoring and registering. It will give information about recording, publishing, rights about a production. Also, a cankerworm to the effort put into music production is piracy, the blockchain register can help to eradicate this once a song is well-registered and paid for.

Besides, in times past, fans, consumers, lovers of artistes are been extorted by middlemen like sales agent, marketers, sponsors etc, through ticket payment for shows and concerts and some like last-minute buyers are been scammed. They buy at a cheaper rate in bulk and sell at high prices. Blockchain provides an electronic ticket that won’t be resoldable and eliminate counterfeit.

Keeping up with music and artiste is a task bloggers, journalists and writers do, however, the content of most of the articles needs verification. The blockchain aids audience votes on content thereby driving out fake news authors, also has the hashing function, fact checkers on contents can be made available with the employment of smart contracts.

Also, all government regulations like censorship, registration, tax collection on profits can be achieved once all songs produced are registered on the blockchain.

We are in a digitalized world where digital contents are on high demands, music contents being paid for by crypto coins would not just be a food digital idea but also a platform to ensure all parties involved in the production of music are satisfied in absolute transparency in a well-secured cryptography.

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