Blockchain technology has been already used in various industries and now it will be used in the music industry in order to eliminate underlying issues such as Improper Financing, Complicated Royalty Management, Piracy of digital records and Inappropriate Rights Management. These underlying issues occur due to the centralized and intervened nature of generation and conveyance of the Music Business.
It is stated that the issues related to financing are a kind of enslavement as many individuals sign record contracts and become a slave. Most artists never receive the advance payment and continue to work for the record label. The decentralized blockchain can be used to raise digital assets for artists. Business decentralization will not only empower fans but also enthusiasts and ultimately help in financing the artists.
Royalty allotment is a problem in the music industry. There are many engaging parties like lyricists, producers and administrators who work for songs, but do not get paid in most cases. Blockchain’s smart contracts will be used to distribute payments automatically to every artist of a particular song as per royalties. Blockchain will be used to distribute problems among various partners which could also make good sharing of royalties in a result. Project tokenization is one of the ways for royalty shares.
Piracy of digital records is one more problem occurred during the time of tapes. This unauthorized use is uncontrollable in this digitization era of the media and music ventures. It is stated that the unchanging security of blockchain can avoid unapproved distribution. It will be used to track the composed songs and counteract piracy of the content.
The blockchain technology-based cloud storage platform breaks the accurate records into numerous pieces and stores them in a distributed way. If consumers request, then these will be reassembled. This platform can also solve complicated royalty management and inappropriate right management among different parties such as writers, singers, producers and distributors, CryptoNewsZ reported.
Davinci Foundation Partners With TOWB Music To Help Musicians
The Korean-Chinese joint company Davinci Foundation will work with American Music Streaming company TOWB Music and these companies signed a Memorandum of Understanding (MoU) on January 4, 2018, in order to develop an innovative global trade system in the music industry along with the improvement of the Blockchain technology ecosystem of Davinci. Basically, the AI-based POS blockchain infrastructure of Davinci Foundation along with Global Services and Marketing capabilities of TOWB Music will offer worldwide musicians with a copyright payment system, Coingape reported.
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