How Blockchain Is Transforming The Music Industry

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Whenever you try to look at the significance of blockchain you will discover that blockchain extends far beyond its popular application which is cryptocurrencies like Bitcoin, Ethereum, STEEM, BNB, and several others. Transparency is one of the key benefits of blockchain which means cheating the system is hard if we look out at the music industry we will discover that tracking royalty payments accurately is usually a challenge.

Having said that above, blockchain is here to present a solution to the issue in the music industry, by offering a transparent system where every single transaction such as song download or stream is recorded. With this artists can be able to easily track and verify royalty payments that are due to them and still ensure fair compensation for their music. This simply means that blockchain as the strongest and fastest-growing technology of our time has the potential to revolutionize royalty distribution in the music industry by providing efficiency, accuracy, and transparency in the music industry.

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How Blockchain Impacting the Music Industry

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Transparency: is what blockchain technology is best known for where every participant gets to see what happens in the ledger. With this songwriters to producers would get to have a clear view of the rightful owner of a song and the percentage the owner should receive. Transparency helps to resolve disputes with the very ownership of songs which blockchain is impacting in the music industry.

Automated Royalty Payments: By using smart contracts, payments to the rightful. Holders can be automated based on preset conditions that have been programmed. Once music is streamed and sold out, the smart contract will automatically distribute royalty to each party according to their share in the music. This helps to reduce the cost of administrative expenses.

Real-time payments: In the traditional system royalty is usually slow it usually takes months or days before funds can be distributed across to the owners. Blockchain can enable near-instantaneous payments, by ensuring that artists and right hikers are compensated in real-time as their music is consumed.

Eliminating Intermediates: Blockchain technology helps in reducing the dependence on middlemen like distributors, and collection officers (societies), who traditionally take some percentage of the royalty that is supposed to go to the rightful artist. With this artists can interact directly with consumers and platforms to generate more revenue.

Decentralized Music Platforms: Blockchain technology supports decentralized music streaming platforms where musicians (artists) can upload their music and receive payment directly unlike the way it is in Apple Music and Spotify. A good example of a decentralized blockchain music platform is; Opus, and Audius.

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Immutable Records: In a blockchain network whatever is recorded cannot be changed or temper which means there would be a permanent and secure record of royalty payments and the information of ownership to prevent unauthorized modifications and fraud.

In summary, blockchain offers us more faires and trusted systems due to its transparency and some of the key points that we have read above. The above ways are some of the ways that blockchain is impacting the music industry.

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