Interesting Ways In Which The Blockchain Improves The Music Industry #003

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Hello great minds,

I feel so happy to come before you all today to discuss on another Improvement of the blockchain in our lives today.

I believe you are all doing perfectly fine and are enjoying your activities in the community.

Today, we shall be learning Important ways in which the blockchain can improve the music industry.

The world is advancing with music as music helps the soul and there are many artist that have been deprived of the potential to shine as a result of some fraudulent practices, and this is as a result of the absence of transparency of the blockchain technology.

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ENHANCED LICENSING AND RIGHT MANAGEMENT

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In the music industry, the blockchain plays a huge role in enhancing license and right and right management, it does this through the introduction of security, efficiency and transparency.

The blockchain provides an immutable and transparent ledger where all agreement made in the music industry are securely recorded.

The maintainance of transparency in the music industry helps the artist to monitor how his music is being managed and used, it helps them to monitor how revenues are been generated on their content and how their work is being licensed.

With the use of blockchain technology, artists can confirm that they are receiving the amount that is due them.

The record label can also monitor the licensing process and ensure that copyright is being respected, as this can thus improve the trust of all parties.

The blockchain also maintains intellectual property right by adding a timestamp to every music data recorded on the blockchain, this makes it very easy to claim ownership of a work.

To claim ownership of work, users can easily check on the blockchain and confirm who owns the content.

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CROWD FUNDING AND FAN FINANCING:

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The blockchain technology plays a huge role in enhancing fan financing and crowd funding in the music industry.

The transparent and immutable record keeping feature of the blockchain technology gives artist the opportunity to give a clear visibility into their fan financing project.

Through the transparency of the blockchain, fans can easily monitor the progress of their donations and how it is being used in the real life, thus reducing the risk of fraud and building the trust between fans and artist in the music industry.

With the use of a blockchain technology in music industry, the crowdfunding and fan financing initiative can be accessed by fans all over the world.

The blockchain technology allows a wider audience to support the crowdfunding initiative, as it is not being limited by distance or geographic barriers.

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ELIMINATION OF INTERMEDIARIES

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The blockchain technology plays an important role in the elimination of intermediaries in the music industry and guarantee a more direct relationship between fans and artist.

In the traditional music industry, fans interact with the artist through the record labels, streaming platforms and distributors.

And the intermediary often controls pricing, distribution, and access to music but with the use of blockchain technology, fans can interact with artists directly without the presence of intermediaries.

Artist can easily sign up to a decentralized platform where direct interaction with fans is very easy.

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CONCLUSION

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Indeed, the blockchain is the future of the music industry, we have examined how the blockchain improves the music industry.

We have considered how the blockchain helps to eliminate middleman and how it improves a direct relationship between artist and fans.

On our next meeting, we shall examine the following points:

• How the blockchain improves data transparency and analytics
• How the blockchain Improves micropayments and fractional ownership
• How the blockchain guarantee an efficient music licensing for sync and commercials.