Blockchain Opens Up the New Era of Music Platform
The music industry hasn’t really redefined itself or changed its business models in 100 years. Centralized, complicated, and unstable. Until now, the advance of technology has not brought significant, paradigm-shifting changes in the music industry. Blockchain technology, however, is different. It will open up a new era of the music industry.
Picture a vending machine in your mind. It sells all kinds of drinks and snacks at a predetermined price. In order to purchase these items, a consumer must insert a certain amount of money. If the money matches the price, the vending machine gives the item and returns change.
The Blockchain is very similar to the vending machine except it sells music instead of food, cryptocurrency replaces money, and coded contracts work as the price. For example, if a user wants to download music, he or she must satisfy the coded requirements on the blockchain. If the consumer meets the conditions, the purchase is carried out. This “smart contract” can solve many of chronic problems in the industry.
1. Decentralization
The Blockchain is maintained with distributed computing resources, not with the central server. Since there is no need for physical infrastructure or management, blockchain technology can save up an immense amount of resources.
2. Fair Profit Distribution
As for a vending machine, blockchain technology does not require a middleman. Existing music services involve a lot of intermediaries such as label companies and agencies. These parties take huge portions of the profit, leaving only small amount for the artists. On the other hand, blockchain minimizes intermediaries, offering fair share for the artists.
3. Protection of Copyright
Copyright infringement is prevalent in the current system because there is no definite method to keep all the track of licensed works. However, with blockchain technology, every usage is documented in the network, making possible to trace the illegal use of copyrighted works.
4. Transparency
Every transaction made through blockchain is recorded and open to the public, creating an environment where users monitor each other. Therefore cutting off regulation cost.
5. Data Immutability
Blockchain keep creates new blocks out of the existing blocks of data, and only approves those records which the majority has. Thus, in order forge a data, every newly made block also need to be forged. Since it is impossible to hack into 51 percent of the huge blockchain network, recorded data is immutable.
RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries.
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