Two-time Grammy Award winner is planning to change the way musicians get paid using digital ledger-based music. Similarly, Imogen Heap also ensures that the audience can earn royalties through their indulgence as listeners. So what exactly is this and how can this be possible?
As per reports, a recording of Imogen’s songs at a concert in Sweden’s capital Stockholm is soon going to be released online. But this release will be different from the regular. These songs will come embedded with a digital code having a contract that guarantees that 150 audience members will be liable to receive a part of the royalties that the singer and composer will earn through the sales.
The blockchain technology that records information and transactions in a permanent and verifiable way is making this giveaway possible. Although the technology is majorly used for underpinning cryptocurrencies like Ethereum and Bitcoin, they are nowadays also used for smart contracts that serve as agreements between the two parties.
Through this digital ledger technology Heap offered the ticketholders a chance to become a part of such a contract. She is currently conducting an experiment to determine the potential of blockchain in the music industry. According to Heap, “It has really opened my mind in terms of how it could change the way things are done.” Heap is one of the few musicians who is trying to help artists track when and where their work is being used and to ensure that they are paid each time their creation is used, reported BBC.
Heap is a well-known name in the music fraternity and has worked with big-time stars like Taylor Swift and Ariane Grande. She is one of the few blockchain innovators who want to push boundaries with the help of blockchain and new-emerging technologies. The Fanbase is one such company that aims to make an influence in the music world.
The blockchain startup is introducing a digital ledger platform to help the artists mint their own tokens, reported Music Ally. With the help of these tokens, fans can buy VIP tickets, access exclusive content, and merchandise.[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. ]