Interesting Ways In Which The Blockchain Improves The Music Industry - Improving Real Time Music Management Through Digital Scarcity

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Hello great minds,

It is a great opportunity to come before you all today to learn again about another topic on the blockchain technology.

I trust you are doing perfectly fine and are enjoying your activities in the community as you constantly promote steemit across various social media platform.

In our last discussion, we learnt about how the blockchain technology improves real time music management through collaboration tracking

And today, we will be learning about how the blockchain technology improves real time music management through digital scarcity

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HOW THE BLOCKCHAIN IMPROVES REAL TIME MUSIC MANAGEMENT

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• DIGITAL SCARCITY:

The blockchain in so many ways has helped to improve various sectors of the world today, and the music industry is no exception.

Digital scarcity is known to be the limited and controlled supply of digital asset and this is achieved through decentralized ledger systems and cryptographic algorithm.

Explained below are ways in which the blockchain technology through digital scarcity has improved real time music management.

PREVENTS UNAUTHORIZED DUPLICATION OF MUSIC

One Important way in which the blockchain technology improves real time music management through digital scarcity is by preventing unauthorized distribution and duplication of music.

With the traditional methods, a digital file can be duplicated easily once it is released without any restraint.

This lack of scarcity has pose a challenge for record labels and musicians, which may lead to a diluted sense of ownership.

And with the implementation of blockchain technology brings a solution to this by tokenizing music assets.

Through the tokenization of music assets, each tokenized tokens represents a unique piece of content that cannot be replicated easily.

And this scarcity of the tokens adds value to digital assets, as exclusive musical content is being enjoyed by producers.

INTRODUCES CONCEPTS OF PROGRAMMABLE ASSET

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Through digital scarcity, the blockchain introduces the concept of programmable assets.

These smart contract which we know to be self executing contracts can be implemented into tokens that represents music.

These smart contract plays a huge role in enabling transparented and automated royalty payment, thus ensuring that based on pre-defined agreement, artist receives a fair share of their work

For artists who had to wait traditionally to receive their reward of a musical content, this implementation of blockchain technology can be of great benefits, in the sense that, once a predefined term is met, they will quickly receive their payment, and this is possible because of digital scarcity, and in the long run, it will create a more efficient ecosystem.

ENHANCES COLLECTIBLE NATURE OF MUSIC

Collectible nature of music is being enhanced by digital scarcity.

Here, fans are allowed to collect unique tokens that represents their favorite artist and album,and this plays a huge role in enhancing fan engagement.

This concept is somewhat like collecting rare vinyl records but this time, it is being authenticated by the blockchain technology.

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CONCLUSION

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Digital scarcity which is backed up by the blockchain technology reshapes the methods in which music in real time is being managed and distributed.

Introducing unique tokens which represents digital asset on the blockchain technology helps to prevent unauthorized duplication of musical content and also enhances the automated payment of artist in real-time.