If there are any two of the biggest evolving and constantly revolutionizing industries in the world, it has to be the music and blockchain. Blockchain is a list of records that are linked together with cryptography and that makes it well-known as the “distributed ledger.” And, we all know what wonderful music is, but little do we know about the music industry and what is happening behind the scenes. And recently there have been more and more reasonings coming up that thinks that the use of blockchain technology might be the answer to all their issues.
It is a well-established fact that the blockchain technology has made sure to bring upbeat and positive changes when it comes to storing and securing the data. It has been successful in acting as a much-needed bandage helping financial institutions, banks, industries, and hospitals are the major ones. Recently, the education system is also giving out signs of how it can incorporate the technology for its own benefit.
The music industry is ever-growing and so is the technology around it, which means that there have to be changed in a way that is latest and offers something that it hasn’t ventured in before. According to the report by Deloitte Private, they concluded that more than 45 percent of private companies are testing out the possibility of blockchain implementation soon to revolutionize the music industry probably.
To clearly explain why we think that blockchain might be the answer to all the problems of the music industry, here is a list of all the tentative changes that this dynamic combination might welcome.
Privacy and Transparency
Blockchain, as a distributed ledger, works with privacy issues and concerns about your data. Since it’s a decentralized ledger system, it allows you to safely put the data on the system and hinders any rights for the modifications of it. This is the foremost concern in the music industry as of now. Along with the tremendous success of streaming devices, there has been an increasing concern for the issues related to privacy and transparency.
The artists are left with conflicting rights and much less money than they expected. And people are starting to believe that blockchain might be the answer to all these questions and concerns as it has proven to have the ability to uncomplicate the mainstream industry.
Clear Up the Copyright Issues
Being a part of the mainstream industry, musicians and artists also deal with a lot of issues concerning copyright issues. This is where the blockchain can be used to the best extent to provide a meta-data core ledger. The music labels and PROs are said to have maximum control over the content as opposed to the artists and song composers.
Blockchain technology is implemented in the music industry can create an equal base for all the parties to stand on and get their share and credits from it.
As of now, there is a total of $2.5 billion worth of royalty that has not yet been collected. One of the major reasons why there are more than 46 million copyright claims since 2016 is the lack of communication and interoperability between the concerned parties. The way music is created and distributed is very different from what it used to be like and so is the global distribution of it. As a result, it has built up a huge black hole where the music creators are not getting what they should get from these parties and the rightful owners undergo loss.
A possible solution of blockchain to this issue is the centric distribution model which will allow the companies and parties to interact with each other and thereby pulling the plug on unsuccessful payments. So, the implementation of blockchain in here, not only proves beneficial for transparency but also helps to interact and control the copyright issues better than what is existing.
Since these are just some of the potential issues that several other mainstream researchers think and we can be solved with blockchain, we ask you to let us know if you think the same. It might just be the case where blockchain would not be able to uncomplicate things as we are imagining, but it has proven the existence in other mainstream industries. As of now, it is safe to say that we are unaware of the future and what the actual implementation of blockchain might bring. Let us know what you think about this massive adaptation!