Why the Music Industry Needs Blockchain
How centralization hurts creatives, and what we can do about it
Blockchain can do wonders for the music industry.
I love drawing connections between industries, bonus points if I’m passionate about either, or both. In a past life, I managed artists and producers. I’m knowledgable regarding the music industry, and fluent in blockchain (or at least that’s what I like to tell myself).
Let’s think about what blockchain is good for:
- Processes with numerous middlemen
- Over-centralized industries
- Tracking the flow of assets or digital items
- Creating trust by removing the option of dishonesty
One of my favorite explanations of blockchain and its applications is this excerpt from TheConversation. You can find the original article here.
Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.
Blockchain technology was popularized by the Bitcoin digital currency system. But, essentially, a blockchain is just a special kind of database. The Bitcoin blockchain stores cryptographically signed records of financial…
