Interesting Ways In Which The Blockchain Improves The Music Industry - Improving Real Time Music Management Through Blockchain Crowdfunding
Hello great minds,
I feel honored to be here before you all this day to discuss on an issue of great importance in the cryptospace.
I trust you are all doing perfectly fine and are enjoying your activities in the community as you actively share in the promotion work.
Today, we shall be learning about the importance of the blockchain technology in real time music management.
In the past, we have discussed in details about real time music management and we shall be discussing about how it is enhanced by the blockchain technology.
HOW THE BLOCKCHAIN TECHNOLOGY IMPROVES REAL TIME MUSIC MANAGEMENT
- BLOCKCHAIN CROWDFUNDING:
The blockchain technology has the ability to revolutionize the real time music management especially through the innovative application of blockchain crowdfunding.
This Innovative application brings solutions to long term challenges in the music industry, thus creating a transparent and decentralized framework for funding and distributing royalties.
As we proceed, we shall learn ways in which the blockchain technology brings about enhancement in real time music management through blockchain crowdfunding.
DECENTRALIZATION AND TRANSPARENCY
The decentralized nature of the blockchain technology is one of it's interesting features.
Examining this with the view of music crowdfunding, this can be explained to be the elimination of traditional intermediaries such as record labels and banks.
Here, automated and trustless transactions are being enabled by smart contracts which are agreement written into codes.
Contributions given by fans are stored and recorded on the blockchain, thus providing traceability and transparency of funds in real time.
With this transparent nature, trust is being built between artists and their backers, as utilization and allocation of funds can be verified by every participants.
SMART CONTRACT FOR CROWDFUNDING
Smart contract is very important in blockchain based crowd funding of music project.
They help in automating the execution of agreement by making sure that funds are released only when predefined conditions are met.
In the music community, this could be explained as the act of unlocking funds when a music project has attained a particular height, such as attaining a particular number of supporter or completing the recording phase.
This process helps to safeguard contributors by linking financial contribution directly to the progress of the project and it also helps in streamlining crowdfunding process.
GLOBAL ACCESSIBILITY AND INCLUSIVITY
Through the application of blockchain technology more opportunities for global participation are being opened up in the music industry.
There are geographical restrictions linked with the traditional crowdfunding process, and sometimes it is characterized by cumbersome cross border transactions.
Through the decentralized nature of the blockchain, cross border transactions is being supported and this enables fans around the world to make contribution to the project of their favorite artist.
This global accessibility enhances the impact of crowdfunding campaign which makes it easier for upcoming artists to attract support.
The application of blockchain technology has indeed improved the operation of real time music management.
And in our next discussion we shall learn more.