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Music companies hate streaming services. Streaming services hate file-sharing services. With so many conflicts of interest, there seems to be no one service or business model that can work in a fashion that satisfies the needs of all the parties involved.
The blockchain has drawn the attention of investors and professionals in different industries, and is now showing promising signs to change the music industry in ways that might fulfill the needs of everyone.
At its core, the blockchain is a distributed ledger that can validate and register transactions without the need for a central authority. Information stored on the ledger is interrelated through cryptographic hashes, which make it virtually irreversible and tamper proof. In a nutshell, it means that parties can make peer-to-peer exchanges of data, money or anything else of value in any amount and in a secure manner.
In the music industry, the blockchain could transform publishing, monetization and the relationship of artists with their communities of fans. First, music can be published on the ledger with a unique ID and time stamp in a way that is effectively unalterable. This can solve the historic problem of digital content being downloaded, copied and modified at the leisure of users.
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. But at the very least, it will level the playing field to some degree. And artists, songwriters, performers and musicians — the real owners of the industry — will be the main benefactors, for they will finally be able to own their creations and get their due for their efforts.
And clashes are likely to ensue if the idea actually gains traction and real momentum. Ben Dickson is a software engineer and the founder of TechTalks. More posts by this contributor Unlocking the potential of eye tracking technology Can you trust crypto-token crowdfunding? One of the advantages of a blockchain ledger is that it can establish a more direct relationship between creators and consumers.