How Blockchain can help the Jamaican music industry in regards to performance contracts.
One of the major problems the reggae industry faces in Jamaica is the lack of professionalism especially amongst the new artiste. A major headline we can see in the media in the region is insert (artiste name) was a no show.
Now the general public hears one story, from the artiste, another from the promoter and then there is the possible truth.
Many artistes like protoje have knocked terrible promoters and decided to limit their performances in Jamaica unless they have control over the show or a good relationship with the promoter.
On the other side of the record there are artistes such as Ishawna, who was a no show at Reggae Sumfest 2016 even though she had a contractual agreement.
Members of the Dancehall crew the 6ix have also been in the news recently for a no show at Sumfest as well as Beenie Man’s Summer Sizzle event in 2019
Performance Contracts & Blockchain
If promoters and artistes carried out these contracts using blockchain technology via ReggaeSteem it would be viewable by anyone who wants access. This could be done via a transaction with a memo that contains the terms of the contract. keep in mind, blockchain entails an open database that cannot be deleted as the information is stored on multiple computers globally and not one central server. By the promoter sending a contractual statement with the terms to the artiste via a blockchain based transaction or a more complicated smart contract, it could solve countless cases that take up a lot of time and money in the courts.
The promoter wouldn’t have to send all the founds in the form of JAHM Tokens, ( digital tradable token on ReggaeSteem) but they could.
They could also send the smallest fraction of a JAHM token just so the transaction is sent with the memo. They could send 1 cent worth of Jahm tokens to issue an agreement via transaction memo.
The memo could contain.
The name of the artiste and promotional company as well as:
- Date, time and place of the performance.
- The performance/set time.
- The performance fee and payment structure. ( example $1,000 before performance to be deposited on xxx date , $5,000 after to be paid as the artiste exits the stage)
- What may make the contract void. ( explicit language, nudity etc)
- Whatever else the promoter wants to put in the contract.
After creating the terms, the promoter could simply go to his wallet on reggaesteem , click transfer, input the artiste name ( as long as they have a steem account) paste the contractual terms in the memo, and then send a small amount of Jahm tokens to get the transfer sent. (That could be 0.001 JAHM ). The memo would be sent in less than 2 seconds and the cost being a fraction of a penny which they could earn easily for posting content on reggaesteem.
The final line of the memo/contract could read. “Transfer the JAHM back and state “I agree to the terms of the xyz contract dated December 15th 2020.
A contract has been made that cannot be deleted or tampered and it is open for the world to see until the end of times.
Of course there is the concern of artiste’s earnings being seen by all eyes but that shouldn’t be something to hide as this is where the world is heading. Memos can also be encrypted and decrypted by the parties if they see the need. This can be done using the memo key which is a built in function of the steem blockchain which ReggaeSteem is built on. If any problems arise regarding the agreement, one of the parties can decrypt it and show the courts. No lost, hidden, or tampered contracts. Time and money saved, the industry sharpens up.. All the data is preserved on the immutable database that is blockchain.
Feel free to leave your thoughts and comments.
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