Will the Music Industry Use Blockchain as well?

Will the Music Industry Use Blockchain as well?

Recent technologies of the world, including Blockchain, are entering different fields and areas. One of the fields that will change substantially after the entrance of Blockchain is the music industry. The music industry is considered to be an expensive industry, and its working capital is very considerable, but the share of artists and musicians from this market is really not as much as they deserve.

The truth is that the existence of intermediary elements in the markets leads to artists and producers receiving a nominal payment. However, Blockchain network is a decentralized network. This decentralized network can eliminate intermediary elements from any campaign and industry, and lead to the formation of artist and audience without an intermediary.

Blockchain Helps Protect the Author’s Rights

Author’s rights, fraud and plagiarizing are also among big problems that the world of music faces. With Blockchain we are faced with a network through which any data is completely registered, and after work is produced and registered in this network, no one can alter and change its information.

In addition to protecting the owners’ intellectual property, their real-world properties will also be protected via this network in a better, more transparent, and explicit way. For example, the sale records of an album and in general the working money of the music industry can all be registered and shown in this wide and decentralized network.

What Are the Challenges of Using Blockchain in the Music Industry?

Though the features and capacities of Blockchain to overcome the problems of the music industry and artist are very suitable, there are challenges along the way that delay the use of this network in the field of music. The Blockchain network is very vast and large. On the other hand, the number of musicians and activists in this field is very considerable. On a daily basis, millions of music pieces are played and released all across the world. If these pieces are to be listened to properly, they need advertisement and people who take up the responsibility of producing content in the field of marketing.

Currently, such a possibility for musicians for the move from their traditional market to Blockchain does not exist. Also, very large companies that are involved in the process of producing and publishing artists’ works are not that enthusiastic about entering the world of Blockchain, given the hefty benefits that they make in the music industry.

Will the Future of Blockchain Be Tied to Blockchain?

Even though currently the proper basis for the integration of the music world with Blockchain does not exist, in the future, given the vast capacities of this technology, we will surely be faced with a new form of this market and music industry. With the formation of various social networks based on Blockchain and the possibility of cooperation on the part of the audience in producing ad content for works and albums’ marketing via peer-to-peer deals and agreements, a large network will take shape in which all the beneficiaries of the music market will make money in a fair way and in a similar amount. Above all, we will no longer see plagiarism of artworks and its many controversies.