Are Blockchain and Cryptocurrencies the Answer to Copyright Problems in the Music Industry?

With the technology on blockchain and bitcoin being utilized by almost all trade and industries, apps to effortlessly acquire bitcoin are created like to exchange perfect money and bitcoin. In the entertainment industry, only a small number of artists are lucky enough to earn a living from their talent, but then again the majority struggle. These days, this crisis is specifically noticeable in the music industry. Music streaming services continually tout the benefits they supposedly grant on the music network. However reports reveal otherwise, music artists voice that their revenue from such services is a tiny portion of what they formerly generated from selling music on compact discs and other tangible formats.

The Music Industry and The Blockchain Technology

Many music artists are trying to get by because they haven’t made much from their music from the time when it was recorded on vinyl, tape, or CD. Numerous self-governing organizations are making an attempt to resolve this dilemma, besides the music business itself. Majority of them came up with a similar and simple answer which is the blockchain. Lately, several projects in the music industry have focused on this blockchain technology as a promising answer to this problem that musicians face. A few examples of this are the Dot Blockchain Music released by PledgeMusic whose founder is Benji Rogers and the Mycelia by Imogen Heap, a songwriter, singer, and producer. After these came out Ujo Music, Resonate, Bittunes, Blokur, Aurovine, and Peertracks, that now have users in 70 countries. All of these projects are designed and founded on blockchain

In 2009, an individual who only identified himself as Satoshi Nakamoto formulated a way to make a digital currency that is centered on a peer-to-peer network system. This digital currency was termed as “Bitcoins” and transactions were logged in “blocks” in chronological order. This came to be the first recognized “blockchain.”

One of the primary dilemma that music artists face is the reality that there is no complete copyright proprietorship database that exists. There are a number of databases, however not any of these features each soundtrack in existence, furthermore, when a soundtrack emerges beyond one database, the information doesn’t coincide at all times. The blockchain is a database and a network at the same time. If the copyright information of a music or track were placed on the blockchain, through a digital fingerprint that is cryptographic, then current data and info could be made available to all users, instead of being kept by certain gatekeepers.

Guide To Blockchain for Musicians

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