Bitcoin, the first decentralized cryptocurrency in the world, is what drew attention to the blockchain system. Since then, people have been exploring numerous ways to use blockchain, especially in the finance sector. However, blockchain is not only limited to finance and money. This technology can be used in almost all areas, including health care, food industry, the justice system, education, supply chain, and voting, and several others.
One of the unique use cases for blockchain technology is in the music industry. Over the years, the music industry has grown to become a huge industry worth billions. Developments in the music industry positively affect artists, music owners, and final consumers. In this digital age, the music industry has reached new heights but is not void of problems. Adopting blockchain technology in the industry will improve and revolutionize the music industry. Here are some of the ways through which that will be achieved.
Monetary Transactions
The blockchain system will provide a quick and secure way of handling money in the music industry. The industry is massive and filled with cases of exploitation. Record labels, managers, event organizers, and third parties take advantage of artists financially. These people have been getting away with artists’ money for a long time.
Even in this digital age where the music industry has grown and become moneyed, it seems to benefit everyone more than the creatives themselves. Revenue made through blockchain will be transparent and traceable. It will also reduce payment delays, making it hard for starting and upcoming artists to survive in the mainstream music industry.
Record Keeping
Record-keeping using blockchain will give people in the music industry reliable backup, better-searching capability, security, and control over the content. Blockchain will also be useful in keeping track of record sales, book and manage performances, and tracking payments. People in the music industry can also use blockchain to store client contacts.
Usually, each of these activities takes a lengthy process requiring several people. Blockchain technology will make all of these much easier and save on time.
Music Distribution
There will be a better distribution of music by providing a direct link from artists to listeners. The blockchain system will do away with numerous intermediaries who dominate the music industry. The blockchain system will provide enhanced music sharing platforms that will be easily accessible and more inclusive.
The music industry gatekeepers who control most of the streaming make it an expensive and lengthy process to get music in reputable and prominent music platforms. Therefore, blockchain will give a chance to all artists to showcase their music. It will also shorten the amount of time it takes for released music to get to listeners.
Smart Contracts
Contracts become more transparent and accessible by eliminating third parties known to extort and lengthen processes for personal benefit. Blockchain will facilitate, verify, and negotiate contracts for artists. The technology will make the process automated, making it cheaper and faster.
Blockchain also avoids breaches of contract and loopholes created with ill intentions by keeping records of deals accessible to both parties. Implementing blockchain will help clean up the mischief in some record labels.
Time
Music record stores, both physical and online, have working hours because people are working behind the system. Blockchain can offer around the clock services as it is fully computerized. The computers are made to solve problems without assistance. buying and selling of music will not be limited to time; hence, artists achieve more within a shorter period
Licencing
Licencing is a lengthy, expensive, and at times complicated process. There are many licenses required in the music industry. This might be exhausting for those getting into the music industry and also for those already in it. Simplifying the licensing process will make the process of planning shows, recording music, and the signing of artists easier and convenient.
Consolidating
The monitoring of views, downloads, and streams will be easier with the blockchain technology. Usually, charts and ratings are not entirely correct because they require people to collect data from different sites and platforms then add up the numbers. These numbers determine the performance of songs and musicians, used in award shows.
Award ceremonies are popular, entertaining, and have become part of the music industry. These ceremonies have been previously accused of being biased and, at times, wrong. Blockchain will make them open, fair, and transparent because it gives accurate and specific information that is available for everyone to see and validate.
Copyrights
A lot of money is lost when different, sometimes non-involved parties post music on their sites without permission. For example, multiple people record during concerts and post dividing views and attention from the real content owner.
With blockchain, it will be possible to keep track of all posts, shares, and actual sales, making it easy to claim the money. Blockchain will also help track and report illegal music activities, therefore, protecting creative intellectual content.
Royalties
The industry is very corrupt and filled with selfish people riding on the artist’s success by not paying royalties. The blockchain system is an excellent tracker and record keeper and shows who is using your music and how it is being used. With blockchain technology, the number of shares, views, and sales on each platform will be seen. This will ensure royalties are claimed and paid accordingly to artists/ music owners.
Conclusion
It might take some time for the music industry to transition fully to the blockchain system, mostly because many people benefit from the already existing systems’ loopholes. The people are wrongfully benefiting from the music industry, and exploiting artists will most probably be the forefront to oppose and derail these changes as they stand to lose.
Adopting blockchain in the music industry is slowly taking course on digital platforms such as Spotify. Without a doubt, these changes will be of utmost benefit to artists and consumers/ listeners of the music by streamlining delivery channels.
