Industries That Blockchain Will Radically Transform Music
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money. Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Like publishing which favors publishing companies, the music industry is also unfairly structured in favor of recording labels. Musicians have frequently derided streaming services, stating that they have siphoned a lot of earnings away from them. This is sadly true, but we have crossed the point of no return in this matter. Streaming is the way of the future but it behoves us to ensure artists earn their fair share of royalties.
Much of the earnings from music sales go to recording labels. Some musicians have therefore directly released their albums to fans. Thom Yorke and Nine Inch Nails have released their albums on P2P networks, and Bjork has even permitted fans to pay for her album Utopia with cryptocurrency. Additionally, an increasing number of artists are beginning to accept cryptocurrency in their online stores. Blockchain now allows fans to connect directly with artists in a manner that is efficient and secure. Two popular blockchain startups operating in this space are Mycelia and Ujo Music.
There are a number of ways in which Mycelia could benefit artists. Imogen Heap, who founded Mycelia, wrote in the Harvard Business Review that she believes blockchain can help license copyrighted music in an easy manner that suits both the requestor and the artist. A noteworthy element of Mycelia’s platform is the “creative passport”, which serves as a record of an artist, their works, tour dates – it is very social media-like, all but a necessity for artists today.
Ujo Music has also received the backing of Imogen Heap. With their “Creator’s Portal”, artists can publish, license and be compensated for their work through Ethereum. It will also make it easier for artists to be discovered and supported by the community. Voise, a platform that has a concentrated focus on streaming, operates with similar intentions.
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