It’s important that we assess the ways blockchain technology promises to transform the many industries that exist within our society. It’s clear how blockchain can transform finance (just check out Bitcoin) and it’s also been made clear over the past year how much of an impact the blockchain could have on logistics and even renewable energy. However, have we truly measured up the impact that the blockchain could have on the music industry?
According to Forbes, in 2017 the global music industry was worth around $15.7 Billion. Due to inflation and enhanced technology since then, this figure has risen, therefore, the full scale and full grip on society that the commercial music industry have is colossal. Within the industry, data is key. Data is music, data is record keeping, data is sales, data is purchasing and data is performing. All of these aspects then can be transferred to the blockchain in a move that could be truly transformative.
Take this as an example. A singer producers a record, that record then needs to undergo legal proceedings to ensure the rights to the record are held by the relevant people; the singer, the writer, the producer and the record label. Through this, each of the parties involved will gain a share of the income that the record generates. At the moment, this is a very lengthy process that uses a number of middlemen and external agencies, such as lawyers and distributors. By using blockchain technology, this doesn't have to be the case.
The record could be recorded onto a block and saved on the blockchain under a binding contract that instantly gives measured rights to those involved in its production, no need for a lawyer when the data is protected by a blockchain contract. Furthermore, the blockchain can be used to help with the sale and purchase of the record, and moreover, can automatically transfer those royalties to the relevant parties without the need of a bank or distributer. The blockchain can also protect that record and ensure it is not unlawfully reproduced and that all who access and listen to it have purchased the correct license to do so.
There’s also a range of other technological and logistical concepts that one might consider when pondering how blockchain technology promises to transform the music industry. One thing is clear - this will happen eventually, it's only a matter of time before the music moguls start to tap into this technology too when that happens, things will get very interesting indeed.