Blockchain technology can help the music industry in a plethora of ways as it provides for a secure and tamper-proof database which may in turn enable musicians and artists within the industry to overcome a number of challenges that they face.
Below is a list of ways that blockchain technology could be used to reform the music industry:
Proof of ownership
As blockchains uses a decentralised and secure system and cannot be amended or deleted, it could allow artists / creatives to register a record and prove ownership of their works. This could in future assist with any disputes arising over the unauthorised use of their works.
Royalty payments
A common problem faced by artists and musicians within the industry today is being compensated fairly for their work. The use of blockchain technology will allow royalty payments to be streamlined, which will ensure that artists receive any sums owed to them without delay.
Smart contracts – blockchain technology can further allow for the automation of licensing and distribution of copyrighted works for artists. Smart contracts can be used to automate the licensing procedure which will allow artists in the industry to have their fair share of royalties whilst reducing the cost associated with managing their intellectual property rights.
Music distribution
Blockchain technology can also be used to cut out the ‘middle man’ that musicians often have to deal with. This will not only give artists and musicians more control of their works, but artists can also use blockchain based platforms to distribute their music directly to their fans/ listeners without the need to use record labels and streaming platforms. This again, could not only save musicians time, but considerable amounts of costs too.
To summarise, blockchain technology may have the power to transform and revolutionise the music industry by securing record of ownership, enabling easier royalty payments and distribution and reducing the costs for artists overall.
If you have any questions relating to this article, or you would like some assistance with your career in music, contact Lawdit Music today.
