Could Blockchain Technology be a Boon for the Music Industry?
Knowing more about this revolutionary technology is essential since it is supposed to do wonders in fixing the problems of transparency in the music industry.
Well, blockchain is a basic solution for setting up a certain ‘distributed ledger’ on the basis of a particular software that can make safe and confirmed transactions without concerning an actual authority. With the blockchain technology, transactions happening between peer-to-peer networks are kept recorded. Information blocks of the transaction data are validated by the cryptographic method in this particular technology.
Blockchain enables the musicians to publish their content directly on the ledger with just a simple and unique ID. This ultimately solves various problems for the artist they can easily keep their records safe from being copied or modified. Every part of the content is stored in a certain meta-data with serial ownership rights for everyone to look at. It ensures the fact that the deserving people will be paid for the content.
Another way that the blockchain technology helps the artists is that it basically changes the monetization of the music content. Bitcoin and other cryptocurrencies that are blockchain-based are supportive of the micropayments which usher in a new era of offering the on-demand services of music. With the help of this, users are now able to reward the deserving stakeholders after they select a particular content.