Blockchain Transforming Industries:Music
Blockchain technology is disrupting industries as well as transforming systems and processes, as it makes deep inroads into various spheres of our lives.
With decentralization and transparency as its core attributes, the wide possibilities that usage of Blockchain technology entails is rightly making Blockchain an attractive proposition for several industries across the world to adopt.
In this series of Blockchain Transforming Industries, we analyse the various ways this cutting edge technology is revolutionizing industry norms and functions, by providing robust and scalable solutions to a plethora of existing problems.
Previously, we had an in-depth look at Blockchain’s applications within the Healthcare domain in Blockchain Transforming Industries:Health-Care.
And we also discussed some real world applications of Blockchain in the Health industry in Blockchain Transforming Industries:Health-Care (Part 2).
Today, we illustrate another Industry that could be enormously benefited from the inclusion of Blockchain.
Blockchain in Music
Any technology becomes an attractive proposition by providing viable as well as feasible solutions to current problems.
Rights Management, Content Sharing, Licensing are some of the key areas in the music industry that are far from being perfect or ideal in their present form.
The inclusion of Blockchain’s digital public ledger that is capable of handling a multitude of transactions while at the same time offering features like security, ownership and authenticity can produce the perfect solution to the bottlenecks that stymie the Music industry.
What Are The Challenges And How Can They Be Addressed?
The music industry is known to be unfair, with many talented artists struggling to get paid the royalties and recognition they deserve.
Then there is the globally overwhelming problem of piracy, as well as illegal use of content, that gravely affects the revenue of this gigantic industry.
Certain estimates put the loss from illegal downloading of music to about 86% of what an artist actually receives.
Additionally, the music industry deals with a great amount of data, mainly in the form of the actual music as well as attribute information pertaining to the music record.
It is estimated that there is an average of 1.2 billion songs that are streamed every day.
The Blockchain be an ideal technology that can be adapted for the Music industry - offering innovation in the form of Increased Scalability, Reduced Complexity, Ensuring Data Privacy, Security and Offering Authenticity.
There are so many potential benefits that can be had:
Blockchain can make an artists' dream of earning royalties from their music without going through the vicious cycle of record labels a reality.
Smart contracts can revolutionize the way artists monetize their music.
The data would be openly available, including but not limited to royalty generation and payments data as well as aggregated data of the number of music listeners.
This would ensure a system that is fair and transparent, and would also enable creatives to establish a more direct relationship with their actual consumers.
Licensing and Rights Management can be more streamlined - with clear definitions of who owns the rights to the songs and how the royalties should be split being maintained within immutable digitized ledgers.
The fact that Blockchains are public, transparent, distributed ledger, they are ideal for tracking the music records across the entire ecosystem from creator to end user, while eliminating the dependence of artists on record labels who don’t give them the recognition and rewards they deserve.
The creatives in the music industry – right from songwriters, to producers and musicians would receive a major boost, allowing them to devote their time and efforts more in the actual creative process rather than needing to waste their time to beat the unfairness of the current system.
Although the ones who might see their pockets shrink in a more transparent system might oppose this change, with notable celebrities like Grammy winning artist Imogen Heap putting their weight being music on the Blockchain, it is only a matter of time before this will go mainstream.
To sum it up, Blockchain technology can immensely improve the current situation in the Music business.
There will be several challenges along the way, yet in the best interests of all involved, Blockchain is a step in the right direction that can completely transform the music industry for the better.
Every industry needs to keep themselves updated with the latest developments at the risk of becoming outdated, and Blockchain based transactions will allow the Music industry to imbibe a system of transparency, authenticity and innovation that will foster growth and advancement of the industry as a whole.
The possibilities and application of Blockchain in various industries are limitless.
We will continue to showcase the various industries that would be benefited from the inclusion of Blockchain technology.
Author: @jznsamuel
Yeah! Really great blog! I'm a musician, very interested about It! I Hope they Will help all musicians to grow up! In this moment to be a musician mean just spend a lot of money and is very difficult to have some gain.
thanks for your comment, appreciate it and we can relate with the situation...
And it's only beginning!)
The Blockchain is a great technology and for the time being we can expect that emergent nature of the community will overcome all the bans, governments and restrictions and to continuously change technology on its way.
Having said this it's very difficult to bet on the right crypto, which one will be the one that will solve the specific issue of the moment?
My suggestion would be to:
I wrote a small series on diversification benefits and the income that can be created through it.
CryptoPortfolio - Extract a "diversification dividend" - Part 1: Geometric and Arithmetic Returns
CryptoPortfolio - Extract a "diversification dividend" - Part 2: Portfolio Risk and Diversification
CryptoPortfolio - Extract a "diversification dividend" - Part 3: How to make 8% more per year
I would be grateful to anyone who wants to take a look and let me know what he/she thinks! Thanks
This got me so excited for the future of music!
we share your excitement :D
Great post. I agree with you that blockchain will revolutionize many industries.
What I don't understand is how a blockchain can fix the following problems:
If you have solutions to this, please tell me
Great post. Thank you very much for sharing!
and thank you for reading!
Great article! I so believe blockchain can be a revolution for music industry.
Personally I invested a bit in Opus: http://opus-foundation.org/. It is not the single actor (I heard about Viberate: https://www.viberate.io/) but there may be some room for multiples ones.
it certainly will revolutionize the industry we see today. we will be analyzing real world application in part-2 of the article. stay tuned, thanks!
Yes, blockchain is the new internet
it certainly is, and even much more. thanks for your comment!
Keep sharing your thoughts!
What a great article, I am a musician too and its so flooded I feel bad contributing to the industry because I feel like I'm inspiring kids to do nothing with their lives and end up broke and on the streets trying to find the time to keep up with all the miles social media and listening not to mention contributing to this scene.... hopefully blockchain is a new light to our struggle.
Much love
thank you for sharing your real experience, helps us understand the situation better... there are several music related outlets on the block-chain already... we'll be discussing more about it in part-2. wish you much success, thanks!
Thanks for sharing @adsactly. I believe blockchain will indeed have an impact on the music industry. It's a bit early in the game but I see it gaining traction and growth. Apps and platforms like dotBlockchain, Consensys and SingularDTV are prime examples.
yes, we are still early adopters to blockchain, so we have a long way to go. but we are on the right path.
Another great piece of work: well taken photos and neatly written blog. Your pics are very immersive. Thanks for all the details.
hopefully you are successful forever become an inspiration to your followers.
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I'm confused by your lack of explanation, using blockchain to sell music? To license music? I think people are throwing around the blockchain word without actually understand much about it to be totally honest.
One organisation worth looking at are SingularDTV. They have some video's on youtube explaining useage of blockchain within media industries. check it out.
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i really love this post, thanks for sharing @adsactly
Interesting, thank you for sharing
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nice post
Blockchain making waves.
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Thanks for sharing. Nowadays everything is kind of associated with blockchain in the news. The secure transactions and decentralized governance is something, that might cut down administrative expenses. Apart from that, there is a need to explore it for social appeal such as authentication of music lyrics, engagement etc.
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this is so badass. music, videos, blogs, what's next, getting paid to sleep!
This is what Peertracks is trying to accomplish with the MUSE blockchain. If they pull it off it will be amazing to see it helping so many people.
Wow. So many lives has changed due to the use of decentralized currency.
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I just love the way how blockchain is transforming the industries and they way it works when it comes rewarding the artists and content creators in a new way with this new paradigm.
There are so may industries that can benefit from it and in the recent months we see an outbreak in promising technology and some of it will be actually working in a year or so from now.
We at BeScouted have been building photography marketplace that rewards content creator in a fair way by trying to cut out middlemen, that are needed sometimes and provide value but most of the time just drink the blood of freelancers by using them to their advantage.
With the recent developments in BC technology we are putting our Photography Marketplace on Steem BC as we saw no need to develop our own and go with an ICO as Steem is a well put, fast and very promising tech. I would even say that there probably should be two types of businesses:
We are planning to roll out our update Late September or Early October. And in case you;d like to learn more and cover this topic, how BeScouted will potentially change a 50 billion global photography industry where 90% of content is created by freelancers, please let us know.
Cheers and have a great time on Steemit @adsactly !
I wasn't sure how else to say thank you. I'm responding to an older post because I want to make sure you know how much you made my day last week, and how much I appreciated your upvote. I thought it was a glitch or something! A most sincere and heartfelt thank you and many blessings.
Im a music producer And i think This idea will help alot all creators of audio content :) And will be Good Also for The listeners if They will Like our songs will not give money But will give likes Wich will Worth this îs What i call technology And This îs What i call internet :) thank you for This Informațion But u mean To use Dtube dsound ? This idea îs Revotionary And will change alot The music industry !!@adscatly
Hi, great article, I'm slowly going through similar texts, as this is one of the main reasons as an artist that I came to Steemit.
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