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Blockchain in the Music Industry: Art and Technology Connection

21 June 2018 00:00, UTC  |    269
Blockchain in the Music Industry: Art and Technology Connection

Today, June 21 is a national Music Day in France, a country that aims to become a leader in fintech industry of Europe. Needless to say that Paris hosts one the most interesting summer events in cryptosphere, Blockchain & Bitcoin Conference France. But where’s the link between music and blockchain?

Today DLT is not only applied to financial sphere – it is used in the music industry as well. How can technology and art be connected? Take a look at the guide below.

How blockchain improves music industry:

  • Direct Interaction
    With decentralized technology musicians can interact with their audience directly and sell their art works without any mediators.
  • Global Database
    A traditional industry lacks an important feature – united global database with information aboutmusic authors and their recordings. Because of this, artists may stay unknown even if their music is being distributed. Blockchain solves the problem by providing a complete decentralized database.
  • Fair Revenues
    Companies and labels owning copywrites don’t always provide musicians with correct revenues. However, with DLT and smart contracts, money distribution is fair as the compensation paid to specific artist or a band manager is pre-determined.
  • Security
    The content on decentralized platforms is secured against hacks and illegal usage.
  • Crowdfunding
    Getting money for development of art projects is easier with the token sales.

Some of the most notable Blockchain Music Platforms:

Soundeon

This company is registered in France and deals with all elements of the music industry from the creation of work to organization of concerts and ticket sells. Artists get a possibility to take control over their works themselves and access the industry easily. With the help of smart contracts, the industry gets the lacking transparency and trust. Moreover, the platform unites the separate copywrite issues and ticket sells into one glabal market.

Ujo Music

The network works on the Ethereum technology and ensures fair compensations payments to the artists. They are paid automatically when their music is accessed by labels, companies and various applications. DLT allows the open sharing of data and creation of decentralized database with information being secured. Ujo enables musicians to work without being dependent on anyone, keep their data safe and interact with their audience directly.

VOISE

This Ethereum-based platform streams and distributes music. It helps musicians to connect with their fans and get fair revenues.The most important benefit of using the platform is that performers receive 100% payments and no information is hidden. The musical content is secured: no hacks or fraud takes place. VOISE provides access to music to all art lovers from all parts of the world, making it easy to enjoy musician’s work.

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