Exploring Blockchain Use Cases In The Music Industry

INTRODUCTION

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The music industry, the industry that is made up of different segments and parts that together are in charge of the recording, creation production distribution and sales of music however just like every organization and industry in the world has issues and challenges and could do with some improvement and advancement in its modes and methods of operation, its managemental techniques and so on and that is where the blockchain technology comes in.

Basically owing to the fact that the blockchain technology is one of the most advanced digital technology and creation in existence and owing to the fact that it is easily adoptable, applicable and has a lot of use cases in different fields and sectors we also recommend, adopt and implement it in the music industry so that it can offer its innovative solutions and technologies in addressing the issues and challenges in the music industry.

What I mean is that with the blockchain characteristics and features for example it definitely would be able to offer and provide transparency, decentralization and digitization not to spoil the contents of this post any longer join me as I will be discussing and explaining some of the significant and important use cases of the blockchain technology in the world of music creation and distribution or in the music industry.

• IN CREATING DIRECT SYSTEM PAYMENT FOR ARTISTS

One of the most significant and advantageous use cases of the blockchain technology in the music industry is basically its potential to streamline the processes involved in payment of the music writers and artists for their music not only just streamlining and fast tracking the process but also making it so that artists receive their money without it been split into portions like it is done in the present and traditionally music industry.

So basically with the application of the blockchain technology artists and music writers singers and owners will not have to share the money generated from their music with intermediaries such as record labels, distributors, and streaming platforms, and them taking the bigger and larger share will all stop.

Additionally, the blockchain technology has features and mechanisms that allows it to be able to allow and basically facilitate automatic and direct payments and transfer of the money, funds and revenue made from the sale, downloads and streaming of an artists music
to the artists basically through smart contracts as a result reducing the need for intermediaries and ensuring that artists receive a fairer portion of the revenue.

• IMPROVED ROYALTY TRACKING AND DISTRIBUTION

Since the creation and introduction of royalties to be given to artists whenever their music is downloaded or streamed on a music platform the payments to the artists tends to take time and as a result of this delays sometimes the artist will have to wait for long periods of time before they finally receive the royalty payments this basic is the problem faced by artists in the traditional music industries, this therefore creates a necessity for the blockchain technology use case or application which will address this issue and challenge.

But how the blockchain technology do this? Well the bockchain has features, advanced tools and mechanisms the gives it the ability and allows it to simplify the royalty tracking and distribution, that advanced tool is its immutable and tamper proof ledger therefore by creating this ledger to record and keep data of music ownership and usage rights, each time a song is downloaded or streamed a smart contract can record the transaction and distribute the royalties and payments accordingly.

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Therefore, using blockchain based music platforms can basically help ensure that the means and method in which artists, songwriters, and other rights holders are compensated will be improved and facilitated with tools, mechanisms and technologies that makes sure that royalty payment and everything else is processed and executed accurately and promptly, by the blockchain streamlining and facilitating royalty payments it reduces the administrative burden and ensuring that royalties are sent and given to the rightful recipients.

• PROTECTION OF INTELLECTUAL PROPERTY AND COPYRIGHT

Copyright infringement, this refers to the violation of the right which the creator and owner of an intellectual property like music in this case has to decide how and when his music used however this violation of copyright is a very persistent and common challenge and issue in the music industry, seeing as many individuals and illegal music streaming and downloading platforms make unauthorized copies of songs and distributes them online, without the consent or approval of the music or song creator and writer.

The blockchain technology can address this issue and challenge of copyright infringement and violation and basically help and facilitate the protection of intellectual property rights, it does this by basically keeping records and providing proof of ownership from its immutable and tamper proof ledger and as a result enabling artists to track where and how their music is used and when there is violations or infringement of their copyright they can take up legal actions and the appropriate punishment or fine will be paid.

Additionally, the blockchain technology can provide and facilitate timestamping technology and mechanisms that basically works on a blockchain based music streaming or downloading platform which basically helps artists to create and establish a record of ownership that is nearly impossible to tamper with, this approach makes it easier to verify ownership and protect intellectual property, empowering artists to manage their rights more effectively even in the case of disputes and so on.

• TOKENIZATION OF MUSIC ASSETS

Tokenization can simply and basically be said to be the process of representing assets as digital tokens on a blockchain network so the same way tokenization of music assets basically means the representation of music rights and so on as a digital token which can be traded, sold, or transferred so basically the tokenization of music asset in the music industry basically allows artists to sell ownership shares of their music to fans and investors.

Therefore by purchasing the music rights in form of tokens, fans and investors can own a portion of a song’s future royalties, this basically creates a new revenue stream for artists and also it allows fans to share in the success of musics and songs they consider to be worth it or their favorite and best songs, tokenization not only opens new funding opportunities for artists but also deepens fan engagement with their favorite artists and music.

CONCLUSION

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In conclusion, a summary of all what I said would basically be the discussing and exploring of four significant, noteworthy and important use cases of the blockchain technology in the music industry and if you made the effort to read and go through this post firstly I would like to say a big thank you and secondly I say that you would agree with me that four use cases of blockchain technology in the music industry are very important and they are as follows; creating direct system payment for artists, improved royalty tracking and distribution, protection of intellectual property and copyright and lastly tokenization of music assets.