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IS BLOCKCHAIN TECHNOLOGY CHANGING THE MUSIC BUSINESS FOR THE GOOD?

Blockchain Systems like Bitcoin or Ethereum are changing our future for the good!

If you listen to music you have to pay the Spotify or Apple Music fee. If you are running a business and want your customers to enjoy some fresh tunes of music you have to pay. In Germany the GEMA is taking care of this process that artists get paid when you play their music on your private or public party. But here is the main question that the Music business is asking itself for decades – how can we track and make sure that every play or recording is being paid for? Collecting societies and broadcasters are trying to find the solutions in the block chain technology like Bitcoin or Ethereum.

It is very hard for them to keep track of all the required informations that must be taken care of to pay the artists – the so called Meta data consists of these entries: Who composed the music track which musicians took part in the recording who holds the master rights to the recording who has worked as an arranger? What is the label code like the ISRC (International Standard Recording Code)?
The collecting societies like GEMA are having solved this problem by creating an own proprietary database with all the information in it – but these data storages are not available for users outside of those companies.

The American resident Benji Rogers has tried to solve this problem by creating a dot-Blockchain-Codec [ [Link: dotblockchainmusic.com] ] that he was presenting on the show „SoundTrack_Cologne“ [ [Link: www.soundtrackcologne.de] ]. This Blockchain based software keeps all the needed metadata stored in a decentralized database. These information include the audio information of each file and all metadata necessary for the collective rights management. These information cannot be removed the blockchain container after adding once.

But how exactly is that tool working?

A copyright producer converts his work into the .bc blockchain format of Mr. Benji Rogers [ [Link: github.com] ] and adds all necessary and digital rights metadata. After that this chunk of information is uploaded to the block chain technology – a worldwide database of all copyrighted music and sound creations. All the needed information for licensing is handled directly on the block chain. With the help of that technology and process the right holder may use intelligent contracts – so called Smart Contracts – to allow others the usage or time-ed use of his works. These agreements are part of the container so that the offline use also is possible.

Security of that Bitcoin based architecture

ince a block chain spread their data on several thousand computers and the individual blocks cryptographically are secured and interlinked any manipulation of the data is extremely difficult. Block chains were not hacked successfully to today. Blockchain based transactions never get forgotten and all transactions are always traceable at all times. For transparency also helps that the .bc codec as well as Bitcoin itself as open source is present.

Image: Chris Tse / monegraph.com/m6788760298 [Link: fs5.directupload.net]

Tags: BLOCKCHAIN FOR FAIR MUSIC, How Blockchain can Change the Music Industry, Benji Rogers, Founder & CEO, Pledge Music (USA), blockchain.info,

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