Blockchain is getting serious traction among tech advocates as the next great disruptor of the music business. That’s because the buzz is that it might be able to seriously tackle the thorny issue of rights, writes Steve Mullins.
What’s the story? Blockchain is a public ledger in which transactions are recorded chronologically and with full transparency. And artists would do things like sign ‘smart contracts’ on the platform so that every single music payment transaction would be recorded in a ‘block’ and validated by some serious maths. That means no longer having to rely on the bean counters, as well as being able to check exactly what’s what, which would be something new for the rights business
No wonder blockchain boosters are calling this a revolution. The words ‘the democratisation of music’ are also tripping regularly off people’s lips.
Perhaps. Maybe it’s ‘worth taking a little time to check out seven blockchain apps that could help musicians get paid more easily, courtesy of Noisey. Among that septet is dotBlockchain, which is looking to ‘eradicate losses from wayward rightsholder information’, and BitTunes, a Bitcoin-based peer-to-peer digital music sales network, plus copyright protection outfit Custos
For that deeper dive:
How blockchain can help musicians make money – HBR
Ujo Music aims to build a platform for artists to launch custom blockchain-based stores – Music Ally