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#Blockchain for the #MusicIndustry Cutting Out the Middle

Blockchain Going for a Song: New Tech Tunes Up Music Industry

Cointelegraph in a recent article asks, 'Will #Blockchain make inroads into the #musicindustry ? Well, it’s already in the #globalmusic , as well as the #movie and #publishing worlds. But there have been efforts to find ways to block access to materials and to halt free and open distribution of creative works over the internet. The use of #blockchaintechnology to address these issues surfaced of late.

Blockchain panelists at #ShoreditchHouse ’s library in #London gathered on Tuesday May 17. The technology is changing all the time and so rapidly as no one is quite sure what it will look like in a few months from now. But already #musicprofessionals - #musicians , #managers and #labels - can use blockchain to #fightfraud , create #smartcontracts and #securepayments. Panelists also talked about many the issues involved, including #transparency and #copyright .'

Francis Gurry said:

“It’s very difficult to predict where it’s going. But we have to develop, I think, a greater sense of urgency about the questions... about the value chain, whether there’s value, then the distribution of the value. I think we also should ask about the complexity of the copyright system. How easy is it to comply? We have built up a very complex architecture behind the copyright system, with the authors, the publishers, the collecting societies; is there any way of simplifying that? Maybe some of the answers will come through technology.

Some people suggest that blockchain, the technology that underlies #Bitcoin , may be something that can be applied to mass licensing. Blockchain is a secure chain of title, so you have security between the operatives, between the parties to a transaction – security in relation to the subject matter of the transaction. That might be a very simplified explanation of the impact of the technology and the possible use it could have. Imogen Heap has released a recording using this. So I think technology can help us in simplifying the rather complex operation of the copyright system".

This could mean a significant change for independent music artists who will be able to control their works without the use of any middle companies. While music publishing companies may not like the idea of artists being able to control the licences of their own work there is also a benefit to these companies. It will be easier and more cost effective to licence artists that operate under them. It will also offer a welcome transparency into the music industry.

Read Full Article@cointelegraph>>

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