Blockchain in the music industry is about to bring in a major transformation. It is likely to make it more organized and streamlined in terms of artist rights. Indeed, this emerging technology is giving some major goals to all the domains which include smooth operational and payment related services. However, the music industry has been tainted from a long time due to the disputes in the contract agreements, ownership rights, copyright and royalty payments.
There are some agencies which have confirmed their intentions to integrate blockchain-enabled platforms within their existing ones to overcome these issues. One of the start-ups Ascribe.io has already begun working on such models aka systems that can secure the intellectual property rights for all sorts of digital arts such as film, music, digital art and graphic design. However, it didn’t last long and the idea fell flat leaving many believe that nothing can ever resolve copyright woes and financial inconsistencies of music and art industries.
Nonetheless, another UK-based startup JAAK made an unpredictable launch of a blockchain app which advocates the same objectives at Ascribe.io. JAAk has already launched a successful app KORD which works to eradicate contract agreements inconsistencies between artist and publisher. Therefore, it is able to maintain intellectual property rights in a unified framework of blockchain in the music industry, as mentioned by The Blockchain Land.
Blockchain In Music Distribution
Nick NM Yap’s company Volareo is breaking all the traditions of the music industry with its latest morphing audio landscape smart speaker. Certainly, it is pretty much different from conventional distribution solutions. According to Electronic Design, this is the first smart speaker that supports open source integration with blockchain streaming platforms. In a way, it liberates the music industry to move ahead with fairness and freedom within the trade practice.
Blockchain in the music industry can safely store and track the data and therefore the content creators can be given the due credit for their work.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]