Blockchain technologies keep storming finances and other industries of the online world. Yes, it is practically a revolution, and it will soon enough change the world as a whole.
Being such a massive technological shift, it inevitably affects every industry and business out there, and the music industry is no exception. The music industry has been suffering from a chronic lack of transparency, piracy issues, unfair distribution of royalties for decades. If there is a solution, then most likely it is blockchain.
Highly secure technology as blockchain can be that one cure for all the problems in the music industry.
Have you ever thought of what would the music production world look like if it was managed solely on the blockchain?
Let’s think about that.
Blockchain’s concept of privacy
One of the main factors defining the concept of blockchain is that even though it is private, it is still transparent. This trick became possible due to the absence of central authority behind the blockchain. It doesn’t belong to anyone, but every bit of information is securely encrypted and is virtually unchangeable.
So if the music production industry were blockchain-driven, we would have exchange music safely and without anyone to control it.
Blockchain vs. unfairness
Many actions can define piracy, but usually, it is a distribution of the content that does not belong to the distributor. On the blockchain, this gets impossible. Every file is assigned a unique ID that restricts downloads and copying of your content.
Each record also can store metadata containing ownership and rights information transparently. Ownership information simplifies the process of royalty distribution as well.
The main problem with royalties is that there is no central database of core information about original creators and owners. Even though the blockchain does not solve this problem entirely, it helps to see where the contents come from. If the music were stored on the blockchain, we would not worry about copying, and musicians would get their fair payments.
How about some insights?
What is also essential is that blockchain contributes to a direct relationship between music producers and consumers. Music producers can get direct compensations every time someone plays their song. You may say that it is already happening with popular music streaming services, but in fact, it is not. At least not if you look at it from the music producers’ angle.
Music producers don’t get insights into what is happening digitally to their product after they upload it to the streaming services. Also, the payment usually comes with inevitable delays, because it takes quite some time for agents to process it. In the world where music would be secured by blockchain, artists can get their payments faster and secure with smart contracts.
Even though blockchain may not fix all the music industry problems, it indeed can solve copyright, royalties, and payments issues. Over time it can become that one solution that can help to move the music industry forward. If the artists know what happens to content, rights, and receive fair payments, they will be more motivated to create music.