Music & The Blockchain - Where are we up to?
A detailed report by the BCI (Blockchain for Creative Industries) working group based at the Middlesex University (UK) was recently published.
The document looks at projects dedicated to blockchain integration within the industry and questions the barriers to adoption, opportunities and wider implications. Such as:
Is the music industry too fractured and institutionalized to reach a consensus?
Should the emphasis be on standards, data integrity & metadata?
How much appetite and room is there for innovation?
Do the major labels have too much influence and potentially too much to lose with a more transparent system?
We believe that the potential benefits of using the blockchain will prevail but getting to that point could be a very rocky journey. it would be interesting to hear what other Steemers think about it?
There was a TED talk with a mean idea of control music sale with blockchain:
https://www.ted.com/talks/don_tapscott_how_the_blockchain_is_changing_money_and_business
There are some good points in that video. As you'll see from the comments, however, there is a long way to go in terms of awareness and acceptance. Artists should and will be driving this change as they have the most to gain from the transparency inherent in blockchain technology. Once users see beyond the tech talk they too will see the possibilities of engaging with music in new and exciting ways.
Audiocoin and Aurovine is mentioned in the REPORT !
Congratulation to raise more awareness !
"Aurovine use yet another currency, the bespoke token Audiocoin. "
tbh, I don't see the point of using blockchain in the music industry.
So if you can put a few examples of where this would be useful and better than the existing system.
The main problem with blockchain right now is that people want to use it absolutely everywhere even though it isn't required...
Sure I can also do a blockchain for my shopping list... but that's totally pointless
ps: it is like radium, after its discovery, everyone wanted to use it everywhere before realizing it was toxic and lethal...
The blockchain is such an elegant solution for data. Meanwhile the Music industry's data structures are a mess. So for the immutability and transparency alone it is a worthwhile upgrade. Add to that all the innovation around smart contracts and you have a compulsive proposition.
does the artists or those who signed them really want to have public contract ?
Plus by using encryption and access token we can ensure the wishes of the artists/labels are maintained. A contract doesnt have to be open to the public,only if they want it to be.
it also takes up to 9 months for an artists to receive payments. Automation and blockchain can help speed that up significantly.
The artist most certainly desires transparency. With the labels it depends on how ethical they wish to be. A major label will take up to 80% of the artists income (after the advance has been repaid). The change will be driven by independent and off-label artists.
transparency means less negotiating power and probably slightly worst deal
djm34, for the publishers, maybe (likely not) but in no way can it be considered bad for the artists themselves. If anything it gives the artists far more leverage to use their fanbase to push the labels in a better direction.
It can also be argued that with the cost savings the labels and producers will receive (speed of transactions, far less time to clear payments and reconcile all of the thousands of moving pieces each digital purchase comes along with) can be used to earn labels more money over all because they are receiving a larger piece of the pie by having to do less work overall.
djm34 - i can't understand your logic at all. Could you explain? How is transparency in any way bad for the artist? It obviously means better better deals and more negotiating power.
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