Interesting Ways In Which The Blockchain Improves The Music Industry #004

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Hello great minds,

How are you doing today? how is your blogging experience going? I trust you are doing perfectly fine and are enjoying your activities in the community.

Today being another beautiful day, we shall be discussing on the effects of blockchain on music industry.

In our last meeting, we learnt about ways in which the blockchain has improved the music industry and today we shall be examining more, please follow along

DATA TRANSPARENCY AND ANALYTICS

The blockchain technology plays a huge role in improving data transparency and analytics, thus providing a solution to some challenges faced by major artist in the music industry.

The blockchain technology is known to be a distributed and decentralized database technology and this implies that it is free of the control of a central authority.

Important data regarding royalty, musics, right ownership and others are stored on the blockchain in a tamper-resistance and transparent manner.

And once these data are recorded, it becomes very difficult to delete, thus creating an accurate and reliable historical record.

With this use of blockchain technology, every musical related transaction can be recorded on the blockchain, and this makes it possible to track plays, thus enhancing the transparent and efficient distribution of royalties to all parties involved in the production of a play, in the accurate proportion.

Piracy which is known to be an illegal selling of someone's intellectual property has been a major problem in the music industry, often leads to loss of revenue for artists.

And with the use of blockchain technology to store data, contents are usually secured and encrypted, thus reducing the risk of unauthorized access and distribution.

It also helps to assure consumers of the originality of the content they purchase.

MICROPAYMENTS AND FRACTIONAL OWNERSHIP

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Micropayments in the music industry often refers to the incremental payments that consumers pay for consuming an artist album, song or other music related material.

In the traditional systems, musics was oftentimes sold through a one-off purchase of a full album but with the introduction of blockchain technology micropayments has been enabled and users can pay little for each. musics they consume.

With the enabling of micropayments, artist gets to be paid directly for the music they produce without the interference of a middleman, and this helps them to generate more revenue and in turn motivates them to release more interesting music album.

The blockchain also helps to boost the music industry through the empowerment of Independent artist, artist who have a smaller but dedicated fans are allowed to earn from their fans

EFFICIENT MUSIC LICENSING FOR SYNC AND LICENSING

The blockchain plays an important part in enhancing the music licensing process for commercial and synchronization.

Synchronization licensing often involves getting permission from the main holders to mix musics with other visual display.

Most times, the music licensing process has been difficult and takes so much time and is prone to human errors but with the use of smart contracts available in the blockchain, the blockchain can remove the need for intermediaries by automating the licensing process and reducing administrative overhead.

The blockchain is decentralized in nature and this implies that all its data is stored by node of computers and not a centralized authority.

This decentralized nature helps to reduce data manipulation and ensure authenticity of data stored.

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CONCLUSION

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The blockchain has so many ways of advancing the music industry and we have explained just a few, in our next meet up we shall learn more.

Please stay tuned