Blockchain Technology in Music Industry

Blockchain tentacles are grabbing their hold in almost every industry domain. Past few years have witnessed the tremendous and significant impact of blockchain technology in various industry circles. The innovation has been applied as a solution for almost every imaginable industry challenges, showcasing a significant percentage of improvisation and qualitative marks in the industry.

Now, blockchain technology the latest crop of technical innovation is all set to redefine how music industry is working? How music is created and distributed among the mass.

Music industry always remains subdued compared to other entertainment industry. Though the technology has brought several changes on how we listen to music, the industry themselves outstays with several developments and changes. There is an immediacy of change advocated for the music industry so as to keep them competitive of coming ahead challenges.

With Blockchain technology swaddling almost every industry that is imaginable, and its tentacles successfully bandaging every industrial inadequacy, it is presumed that blockchain for music industry too, can bring some revolutions to the floor.

It is anticipated that the distributed ledger technology can bring in more transparency to the music creation and distribution, fair distribution of payments to the artists, protecting the copyright of music, etc.

Let’s see in what all ways blockchain in music industry can bring forth changes:

One can confidently ascertain that pirated music is the greatest factor to continual destruction of music business. Theft in the music industry is evaluated to cost the U.S. economy:

In fact, it has become that much simpler for a layman to search pirated copies of music in the web. People acquire their favorite tunes mainly from the pirated source. Easily available pirated versions, not only urges to their immediacy of music requirement but also eases the long-running search of tunes in YouTube and other platforms. Also converting and downloading the videos have become much simpler with these malicious discoveries. However, with blockchain, music privacy can be curbed to a great extent, making the industry all more economically stable.

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Originally published at https://www.blockchainexpert.uk.