Blockchain technology shares an equivalent success with cryptocurrencies, in being a new popular digital innovation. There is hardly any sector left where you won’t find any role of this digital ledger. Be its hospitality, textile, films, fashion, aviation, healthcare, and various others. Today, we will let you know about how blockchain can change tunes in the music industry. If you are abreast of blockchain education news, then you will become familiar with its importance in various sectors. Blockchain technology has the potential to bring changes in many lives, globally. It is a much-needed technology for emerging economies. So come, let us explore all about it.
As we all know that the existence of this distributed ledger system is much used in the field of digital assets and currency, where there is a possibility of the digital transfer of value with no interference of middlemen or any duplication risk. And it is all because ownership is rigid and verifiable. Beyond finance, these similar applications can also be interpreted to other industries.
Take an example of the music industry, which is often controlled by big players, will also come under a loupe. However, with the emergence of the internet, followed by running platforms like Spotify and Napster, have brought changes to much extent, blockchain technology will be the new addition in terms of powering creators and the ones who listen to them.
Blockchain: A New Changing Technology
Blockchain is a new streaming technology that is going to disrupt the music industry. But, how? Well, the answer lies in its ability to erase the role of middlemen from streaming and music sales process. Streaming platforms have played a vital role in influencing the consumption of music, and letting it accessible to listeners, widely. These platforms have also generated a new mediation level between fans and artists.
The control of third-party intermediaries in deciding what music is supposed to be heard by the general public can be shifted with the help of blockchain technology. This will certainly bring positive change for the budding music artists. Many music streaming platforms based on blockchain have also taken a keen initiative to tackle this persisting problem in the music industry. One such example is Opus, leveraging distinct P2P networks to completely wipe off middlemen and to establish a fully decentralized streaming platform.
Opus platform is equipped with a special mechanism, called IPFS (InterPlanetary File System). It is a P2P network meant for storage and file sharing, where users perform as servers. In that way, it becomes possible to virtually remove all hosting fees with streaming. With the use of smart contracts, Opus lets direct payment upon the stream of a song or buying to artists. This reflects the independent distribution of royalty and the content.
Apart from Opus, there are other blockchain-based platforms like EMusic, Mediachain, and others, that too focus upon royalties, by exploiting the best use of blockchain technology, and to let independent artists get their creative dues. This digital ledger can also resolve other facets of the music industry, which are a barrier to the talent growth of budding artists.
Blockchain technology also finds its best use in the US-based project, Open Music Initiative. This project helps in identifying music rights holders and has garnered likes of Sony, Spotify, Netflix, and YouTube as members. This is yet another evidence showing blockchain importance.
So, after knowing a lot about how blockchain technology can help in bringing positive changes in the music industry, do you still have any doubts left? Start following blockchain regulation news, as it will keep you updated about the current developments of blockchain and how it is influencing various industries. The latest example is the music industry. Blockchain will become no lesser than an angel for upcoming artists in resolving issues in the industry. And with the blockchain-based streamlined platforms like Opus, Mediachain, EMusic, and others can certainly make it possible. Blockchain will also end the domination of third-party intermediaries.