The music industry, which has been long struggling with the issues of piracy and illegal download, can immensely benefit from the application of blockchain technology. Even the challenge that artists face in terms of unfair payments and having no control over the music rights can be addressed using the open ledger innovation.
Blockchain Use Cases in Music Industry
We are witnessing a number of use cases of blockchain in the music industry and many companies are doing a wonderful job of integrating blockchain applications to benefit artists and content creators. We mention here some of the prominent names which are doing excellent work in bringing the benefits of blockchain to the music industry.
Mediachain is a well-known decentralized database which helps the music companies, artists, and users to access and share the information. Unlike the centralized system where the data is centrally controlled by some powerful agency, the Mediachain provides the option of connecting artists, creators, and organizations in the music domain.
Ujo Music is an ethereum-based music software that lets the artists get fair compensation for their creating, publishing, and licensing works. Musicoin is another blockchain-based music streaming platform that works along similar lines and helps the artist to get their rightful share of music revenue. BitSong used ethereum blockchain and provides a platform where artists and listeners can interact and sell/purchase the music. The advertisement revenue realized from the platform will be distributed among the stakeholders and the business model is increasingly becoming popular among the musicians and listeners alike.
eMusic is a brave attempt to save customers from the ugly spats between artists and streaming companies. The platform provides open access to music and artistic creations without compromising the important aspect of intellectual property. Choon, on the other hand, is one of the biggest blockchain music streaming platforms. The company is taking the same cause forward and has been quite successful in allaying the concerns of music counterfeiting and illegal downloading.
Smackathon is disrupting the music industry through the application of smart contracts for music creation, licensing, and distribution rights. Similarly, you can trade and share the music on the blockchain platform offered by Musiclife. The interface is contemporary and easy to use, which comes as an added advantage for novices.
If you are a fan of a particular artist, you will find the INMUSIK platform quite interesting as the open ledger ecosystem allows you to invest in the artist of your choice and earn a profit on the investment. Similarly, Audius is tilting the balance of power in the music industry and putting it in the hands of content creators.
How Can Blockchain Help Music Industry?
The utility of blockchain for the music industry is immense. The advantage lies with the inherent characteristic of blockchain, i.e., providing access to the information throughout the nodes without any central control. The information that is shared on the blockchain is immutable and virtually impossible to alter without the consent of all the other participating nodes.
In the case of the music industry, this characteristic can prove to be very useful in identifying the original source of a content creator. One can publish the music on the blockchain and once published; the content will get a unique ID and timestamp. This will help to solve the problem of illegal download, modification, or other alteration that can be otherwise easily done on the content. This also means that the right person will be rewarded for the content.
Using the blockchain, one can also monetize music and content. Smart contracts can be used in order to build infrastructure and the payment for the on-demand streaming can be easily realized in terms of cryptocurrencies. It is very convenient for the user to select the music of their choice and accordingly make payment to the content creator without the interference of any third party.
Another significant benefit associated with the application of blockchain in the music industry is providing a platform where content creators and purchasers can directly interact with each other without the mediation of a music company or streaming services. This is going to create a win-win situation for both stakeholders.
The potential of blockchain usage in the music industry is huge and some of the inherent characteristics of the open ledger technology are extremely beneficial for the music industry. Blockchain will liberate artists from the clutches of the large music companies and streaming services which have been single-handedly dictating the terms to the content creators and users for a long time now. The adoption of blockchain in the music industry is rising exponentially and it is just a matter of time before we witness a further rise in the adoption of open ledger among artists and content creators.