Blockchain technology is changing the face and functioning of various industries across the world. Most industries see trust, transparency and accountability as major pain-points, and by the very virtue of Blockchain being able to establish a system that is decentralized and open, myriad issues can be resolved as well as innovation can be fostered by the inclusion of this technology to conventional systems and traditional processes.
In this special series of 'Blockchain Transforming Industries', we take an inside look at the wonderful possibilities offered from a Blockchain disrupted industry as well as analyze some real life use cases in said industry.
We previously saw the merger of Blockchain with the Healthcare industry in 'Blockchain Transforming Industries:Health-Care. And we also looked at some real-life blockchain health solutions in 'Blockchain Transforming Industries:Health-Care (Part 2)'.
We also saw how the Music industry can be benefited by the inclusion of this public digital ledger in 'Blockchain Transforming Industries:Music'.
Blockchain in Music
Today, we dive deeper and elaborate on various tech implementations that are being readily applied to this multi-billion dollar industry in an effort to address the various growth and scalability issues that it faces.
The power of innovation and access to a disruptive technology has allowed a plethora of amazing options to be opened up and we witness below the various companies and groups that have rallied to offer inventive solutions to different aspects of the Music industry:
Voise
Decentralized music platform on the blockchain
Voise is essentially a collaboration-oriented peer-to-peer market for creatives, offering full ownership and control to artists over their music in hopes to let them monetize and gain maximum profit from their work. It provides downloading as well as streaming options to users, and accepts payment options as fiat in addition to cryptocurrency in order to reach a wider audience.
SingularDTV
Entertainment studio on the blockchain
Based on the ethereum blockchain and with the aim to develop a decentralized music industry, Singular DTV offers a platform to artists with access to a plethora of inventive tools that lets them handle the music industry value chain right from content generation to distribution and marketing. With the backing of several award winning creatives, it is set to disrupt the music industry in a massive way.
Mycelia
Blockchain collective of professionals, creatives, and music lovers
Founded and backed by Grammy winning artist Imogen Heap, this company is focused on blockchain based research centered on the Music industry. Its goal is to help in a seamless transition for artists not familiar with the crypto world from an old unfair system to a new transparent one that cuts out the middleman and puts focus on music.
Zimrii Music
Blockchain based global music platform
This company based out of Australia will not only allow artists to sell their music on the blockchain, but empowers artists with various options like real-time music smart contracts, music analytics and copyright management as well as option for crowdfunding their work.
Resonate
A cooperatively owned streaming music service
The basic premise of this platform focuses on the idea that every participant in the streaming system is a co-owner, allowing all entities to have a say in the future of the service. It drives this with low usage costs to listeners and higher loyalties for musicians, and hopes to sustain the ecosystem by granting listeners ownership option to the songs through repeat streaming, thereby encouraging higher involvement from returning customers.
These are few of the ongoing innovations in the Music industry.
There are many more solutions in this space like musicoin, bittunes, peertracks, dotblockchainmusic, etc. With popular artists and renowned companies backing more of such ideas, we can expect to see several emerging solutions in this field.
Transforming the Music Industry
The music industry is big and diversely populated. Leveraging the blockchain can help streamline and scale the functioning of this massive industry and at the same time offer the artists and technicians inhabiting this domain a more transparent system that is more fair to their talent and their resources.
Not only that, interactions with the music industry in the form of content generation as well as access to it can become a quicker and more fruitful experience with immutable records of music on the blockchain addressing problems of piracy, rights management and licensing while at the same time being capable of handling the ginormous amount of data.
The need of the hour, with growing debate over the payments deserved by artists as well as concerns over right to content, is for the music industry to be fair and sustainable. And with Blockchain technology being the agent of change that easily fits into the scheme of things, it is only a matter of time before it is widely accepted and globally adopted.
Keep an eye out for the next blog in the ‘Blockchain Transforming Industries’ series as we cover a new industry.
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