Bitcoin music startup
Each record can store metadata containing ownership and rights information in a transparent and immutable way for everyone to see and verify. This will ensure that the correct people will get paid for the use of the content. Blockchain technology can also revolutionize the monetization of music. Blockchain-based cryptocurrencies such as Bitcoin and Ethereum support micropayments, which is effectively impossible with classic payment mediums due to transfer costs.
This can support a new way of offering on-demand music services. Users can select the record of their choice and immediately reward the stakeholders with cryptocurrency upon playing it. And, finally, one of the advantages of a blockchain ledger is that it can establish a more direct relationship between creators and consumers. Composers and artists will no longer be required to go through purchasing platforms and financial brokers — who usually take a hefty cut of the revenue — and can get directly compensated every time their songs are played.
Creators can upload their music and the associated metadata on the ledger. Companies and consumers can search and play the music of their choice off the ledger, and smart contracts will ensure that the owner s of the content will be paid automatically for its usage. The database would store. The system leverages the MUSE blockchain, a ledger engineered for the music industry. Higher demands for coins created by a specific artist will increase its worth.
The company offers a bitcoin-based peer-to-peer file-sharing platform that enables ordinary people to become a distribution channel for their own digital music — and earn money. Based on blockchain technology, the platform will enable direct payments for artists and give them more control over how their songs and associated data circulate among fans and other musicians. As with any solution, blockchain will not be a perfect answer to all the problems that the music industry is facing.
All of these things are possibilities. Silver stressed that he thinks it will be years before blockchain has a real impact on the music industry, but that there will be benefits between now and then to be had for early movers. He added that the roots of blockchain in something that is fundamentally transactional — financial services — may be challenged in a music context.
Over to the panel. This was at the tail-end of the influence of the first big wave of peer-to-peer filesharing applications.
First, they were distributing copyrighted music, which brought lawsuits flooding in. Yet Skype was just as worrying for the telecommunications industry as Napster and co were for the music industry.
So, the problem for the P2P services was they were dealing with copyrighted music, and they had no way to monetise it for rightsholders. Edhouse and his colleagues have been working on a way to use the bitcoin cryptocurrency to correct some of those flaws.
There are a lot of interesting business models that can be worked around this. Benji Rogers, who has been working on his dot. Rogers has created a public benefit corporation to deliver a minimum viable product MVP of dot. Do they know how it works? Forte was involved in the GRD project. Forte noted that with blockchain technology, everything starts with the song and thus the songwriter , but she noted that often, a song has several songwriters, and thus several publishers.
Douglas gave the view from PPL, which is one of the middlemen that could be disrupted by blockchain technology — but which also could take advantage of it. Somebody writing that into a blockchain is a terrifying prospect … there is no counter-party to asserting that you played guitar on a recording. So blockchain technology cannot solve the metadata problems of the past, but it can be used for new songs being recorded now. Record companies in the US have data on who the songwriters and publishers are for every song, which they need for every track they sell through a download service.
Amsel questioned whether the music industry can change. But Douglas returned to the challenges.