Blockchain: For Mitigating the Issues within the Music Industry
Blockchain is a decentralized form of the database. Each block contains a cryptographic hash, timestamps and transaction data of the previous block. These features support the efficient, correct, permanent recording of transactions between two parties.
The music industry mainly suffers from problems such as piracy of digital records, improper rights management, cumbersome royalty management, and delays in artist rewards, owing to the centralized and mediated nature of production and distribution. In addition, in spite of digital records, the irony is that artists do not obtain real-time data for their production; otherwise their marketing efforts would have improved. The main problem is that the different digital platforms or brands through which the actual music distribution takes place are like silos of information which do not talk with one another, but being online or digital alone does not solve this problem.
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The grave problem with this funding source is that it is a kind of enslavement. In 2015, Prince warned people of signing records, calling them a kind of slavery. The majority of artists is never paid the advance and works for the record label. It doesn't mean that there are no record labels. There are also numerous artists out there who didn't make the deal if they hadn't wanted. Blockchain can be used to decentralize artist asset rising. The distribution of the risk among different partners could not lead to progressively good distribution of royalties. Furthermore, decentralization will enable fans and enthusiasts to participate in the financing of artists and will enhance the proclamation of new talents in this democracy.
Blockchain adoption is still not the mainstream. This is proven by an excellent idea of Spotify replacing Musicoin, which records fewer musicians and songs in comparison with the primary broadcasting service. In addition, more exposure is needed for new artists. It provides such a place to be played on music streaming platforms. Exposure is not money, but an artist needs it. Music agreements are still too complicated as smart contracts do not provide adequate security for blockchain technology in order to protect audio files.