Blockchain For Musicians!
Blockchain explained in simple words can be considered as a distributed database or ledger which is immutable once deployed. Every node/participant in the blockchain network has a copy of the data or ledger. This makes it hard to attack blockchain networks as there is no single point of failure.
The current system in the music industry which connects the labels, royalty, artist, digital service provider, and consumer is not very efficient as artists are paid a very less percentage of the actual royalty they deserve. There is a need for an efficient database containing a global view of rights ownership.
Blockchain technology has the potential to create a database that can be created as a self-publishing channel for artists and rights owners. This will allow them to bypass the complex ecosystem which was there in the traditional music industry, which took away most of the profits too.
Artists and Owners will have more control over how their songs, rights are stored and circulated among their fans. As Decentralised Finance is eliminating the intermediaries in the financial sector, similarly the intermediaries and organizations taking huge profits can be eliminated and greater protection of the rights of owners can be ensured too.
In addition to this, blockchain can help to break the geographical parameters restricting ownership in certain places. Therefore, the potential of a blockchain-based rights system is very vast and perhaps, it will be a win-win situation for the artists and the consumers!
