Interesting Ways In Which The Blockchain Improves The Music Industry - Improving Real Time Music Management Through Improvement Of Supply Chain Management

jueco (76)modquality controllerin Steem Alliance • 10 months ago

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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 believe you are all doing perfectly and are happily promoting steemit effectively across various social media platform.

Today is a new day and a beautiful one, and we shall be learning how the blockchain is improving the music industry.

In our last discussion, we learnt how the blockchain through the development of blockchain record label has helped to enhance real time music management.

Without wasting much of our time, let's learn more ways in which the blockchain has improved real time music management.

HOW THE BLOCKCHAIN IMPROVES REAL TIME MUSIC MANAGEMENT

SUPPLY CHAIN MANAGEMENT:

The blockchain technology has revolutionize various industries in our world and the music industry is included.

In real time music management, the supply chain management involves complex processes which ranges from the distribution of musical content to the payment of artist's royalty.

The blockchain technology utilizing it's decentralized and transparent nature, has the potential to improve supply chain management.

Explained below are some ways in which the blockchain technology Improves supply chain management of real time music management.

ENSURING FAIR COMPENSATION FOR ARTIST

One very important advantage of the blockchain technology is that it brings about a transformative improvement in ensuring a just compensation for artist.

Smart contract which are self executing agreements plays a very important role in ensuring that artists receives a fair compensation for their work and this is done automatically.

With the use the traditional methods, there may be delays and uncertainties that will be encountered by artist in receiving a fair reward, but with the blockchain technology, this payment can be done swiftly upon the fulfilment of a predefined condition.

MITIGATE THE RISK OF INTERMEDIARY

Another advantage of the blockchain technology in supply chain management is that it reduces the risk of delayed payment, also eliminating the risk of intermediaries exploiting information.

With the elimination of intermediaries, there can be a more direct relationship between the supplier and the artist, thus guaranteeing a fairer distribution of revenues.

This helps to empower artist and also goes a long way in building trust within the supply chain.

TRACEABILITY

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Another unique feature of the blockchain technology that revolutionizes supply chain management is it's traceability feature.

Every step made in the creation of the music, ranging from its composition to distribution can be recorded on the blockchain.

This transparency helps in ensuring that all stakeholders, ranging from the producer, to the artist, to the distributor can have real time access to the supply chain operation.

PREVENT UNAUTHORIZED USE OF MUSIC

Another advantage of the blockchain technology in supply chain management is that it prevents the unauthorized use of music.

Here, the ownership and origin of music right can be securely recorded on the blockchain.

This helps to ensure that the rightful owners of a musical content is fully compensated for their work and unauthorized use of music is prevented.

With such a transparent and traceable system, there is a significant decrease in dispute over intellectual property, which is a great contribution to the supply chain.

IMPROVED SECURITY

The decentralized and Immutable nature of the blockchain technology makes it resistant to unauthorized alterations and hacking.

In the blockchain, once a data is recorded, it becomes very difficult for it to be altered.

The integrity of the supply chain is significantly increased by this inherent feature of the blockchain, and this ensures that data related to musical right, royalties and musical sales maintains accuracy.