Interesting Ways In Which The Blockchain Improves The Music Industry - Improving Real Time Music Management Through Collaboration Tracking

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Hello great minds,

It is a wonderful opportunity to come before you all today 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 promote steemit across various social media platform.

In our last discussion, we learnt how the blockchain technology improves real time music management.

We discussed in particular about how the blockchain aids crowdfunding of real time music management, and today, we shall be learning a new way in which the blockchain improve real time music management.

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HOW THE BLOCKCHAIN IMPROVES REAL TIME MUSIC MANAGEMENT

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There are different ways in which the blockchain Improves real time music management and we shall discuss about one of the numerous ways.

• COLLABORATION TRACKING:

The blockchain technology plays a very important role in the revolutionizing of the management of real time music collaboration tracking.

The blockchain technology provides efficiency, transparency and security and this makes it beneficial for real time music management.

Explained below are ways in which the blockchain technology enhances real time music management through collaboration tracking.

IMMUTABILITY AND TRANSPARENCY

One of the interesting ways in which the blockchain technology enhances real time music management through collaboration tracking is it's ability to create a transparent and immutable record of transactions.

In the music industry where we have several stake holders that take part in the creation, distribution and monetization of music, it becomes very important for an accurate and unalterable maintainance to be done.

The traditional methods are prone to manipulation and errors as they involve the intervention of an intermediary.

The blockchain technology on the other hand helps to eliminate the need for intermediaries by providing a secure and decentralized ledger.

Every transaction, either royalty payment, creation of musical work, licensing agreement is being recorded in a block which has a linkage to the previous blocks hereby creating a chain of immutable records.

SMART CONTRACT

Smart contract which are known to be self executing agreements embedded into the blockchain plays a crucial role in enhancing collaboration tracking in real time music management.

These contract automatically triggers itself when the terms and conditions agreed by both parties have been filled.

When we examine the context of music collaboration, smart contract helps to ensure that artists receives their obligations whenever an agreed terms and conditions have been met.

This helps to reduce the risk of dispute and also streamline payment process as the terms embedded in the smart contract are executed automatically.

DECENTRALIZATION

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The decentralized nature of the blockchain also creates solution to the challenge of intellectual property right protection and copyright infringement.

Collaborative effort has to do with the creation of intellectual property and guaranteeing a fair distribution of royalties and rights.

The blockchain has the ability to store and timestamp the details of a musical work in an Immutable and secure manner, thus providing a genuine proof of ownership and creation of a musical work.

This thus helps in developing a traceable and transparent lineage of musical piece, making the identification and determination of it's rightful owners easier.

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CONCLUSION

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The blockchain technology helps to provide a transformative solution to collaboration tracking in real time music management.

Its transparent record keeping, coupled with it's smart contract and decentralized nature help to create a solution to a long lasting challenge in real time music management.

As we proceed, we shall learn more about real time music management.