HOW BLOCKCHAIN CAN MAKE THE DIFFERENCE AND GREAT IMPACT ON THE MUSIC WORLD

in #blockchain6 years ago (edited)

The world is becoming a more globalized area everyday by day. Blockchain is more likely to be the future which helps in allowing digital information to be distributed but not to be copied. Blockchain technology has been known to be the created backbone of a newly type of internet which will originally devised for the digital currency which is the bitcoin or the cryptocurrencies.
Blockchain is considered revelatory so we should be hoping to enjoy the benefit.“Blockchain is an incorruptible digital ledger of economic transaction which is programmed to record not just financial transaction but virtually everything of value” Don & Alex Tapscott.
Blockchain is not always stored on a single location which is that record kept are publicize and are verified easily.

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What Blockchain can do for Music:

I would say it will be more sensible if we could reimage our music industry for it to work in a data driven world. We are now in a data driven world so our approach to the world must change for us to become successful
In Africa our music industry has not really defined itself or makes changes for a long period of time, it is still not dynamic. We should be able to advance by using the blockchain technology to solve these long standing music industry problems.

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THE MUSIC INDUSTRY IN A (BLOCKCHAIN) DATA DRIVEN WORLD

Musician can easily advocate for the blockchain technology in their music by enabling their fans to also pay using the crypto currency which will create a contract automatically split the revenue between musicians and their fans. The music project will thereby receive and heavy media coverage. Applying blockchain to their music will illustrate itself in three main areas which are:

Cutting of the middlemen:

It is radical disruption play starting up by selling their music to their fans directly using the crypto-currencies that also give an instant pay to the musician laying a contract that spelt the pay and the royalty. With this there will be no need for labels, publisher and a collecting society.
Not only the musicians will benefit from this but also the fans and he crypto community by realizing close to 25% as a token that will get them share of their royalties. This will give the fans a great pleasure in purchasing your music recently and in future easily, then your make your billions.

The shared global database:

is the a the area where blockchain helps your music solve a long standing problem that include the bad data which cause problem in bringing information together either from the recording or the publishing side of the music industry. We need a real place to store all the right information; lot of music organization has lot and lot of data which cannot enable their system in talking to each other. Blockchain will help in synchronizing all data base.

The advent of creative passport

As an artist will want a collaboration between yourself and someone else or to do a business together. It helps you create a data when is own by nobody but by the respective artist in business. Signing up other artist, getting a creative passport is a key goal and this bring together artist and music services for any kind of collaboration.

The case of criticism of blockchain.

There has been a lot of skepticism within the music industry about blockchain technology. Some has criticized the technology due to them not getting a better understanding of how it works. They see it as a develop fitter of overconfidence and in particular getting rid of the middlemen which are the labels, publisher and the colleting society.

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