“Technology is neither good nor bad; nor is it neutral”. The famous quote stated by Melvin Kranzberg inspires us to apply new technologies according to our needs.
One such technology, which was propagated by Bitcoin obsession and defined as blockchain, has a revolutionized impact on businesses globally and is believed to have the potential to offer a platform for trust and privacy protection.
The blockchain is primarily an open, distributed, decentralized ledger that can efficiently validate and register transactions between two parties.
Using blockchain, companies are effectively and easily tracking every last piece in their supply chain and inventory network. It is mainly a continuous growing list of records that are linked together and secured through cryptographic lashes. The blockchain is resistant to any kind of modifications in the data allowing people to trust each other and make peer-to-peer transactions.
Key Features Of Blockchain:
- Data written into it cannot be altered thereby providing auditable records.
- The records are replicated and maintained at various locations.
- Secure and reliable transaction processing.
What do the latest Trends outline?
Blockchain considered as a technology rather than a product invented by Satoshi Nakamoto in 2008 has revolutionized the modern era and its widespread applications cannot be underestimated.
In the last few years, this technology has shown its impact in almost every industry and has acted as a bandage to cure almost every wound.
It acts as a commendable resource to help entrepreneurs, investors, etc. in the fields of health-care, Internet Of Things (IoT), insurance, music, real estate, supply chain, etc. as stated below.
- Health-care: Improved data storage, better security, reduced costs, faster care delivery,
- transparency, etc.
- IoT: Autonomy, trust, tamper-proof data, etc.
- Insurance: Streamlined, lower overheads, better data storage, etc.
- Music: Secure and improved data storage, improved creativity and motivation for artists.
- Real-estate: Global access, real-time immutable data, more profit, etc.
- Supply chain: Real-time tracking, eliminate fraud, and error, reduced carbon footprint, etc.
BlockChain To Promote Artists:
The buzz regarding blockchain technology transforming the music and film industry and promoting artists has reached new heights. A massive expansion has occurred in the ways people consume music and various services related to it. The music industry known for its controversial wounds faces problems such as digital piracy, copyright, and ownership, distribution of royalties, etc. By harnessing the features of Blockchain technology, the industry is trying to fix the following pain points.
The major challenges faced by the music and film industry are as stated below:
- Ownership Rights: Ownership rights of artists are centralized through record contracts refraining them from releasing their music independently.
- Piracy: The centralized music industry stands helpless in curbing piracy without spending huge sums of money for taking legal action.
- Slow Distributions of Funds to Artists: Compiling reports to release funds is a time consuming and the cumbersome process leading to a delayed distribution of funds to artists.
- Royalty Management Disputes: Creators do not have access to information regarding the calculation of their royalty payments.
- Improved Creativity and Motivation for Artists: Blockchain technology helps to bridge the gap between the artist and their work bound by the contracts or policies and allows them to have control of their creativity.
- Unparalleled Transparency: Blockchain technology helps streamline ownership rights and enables artists to receive a fair share of their royalties.
- It is Faster: Recording companies can track music streams and distribute funds to the artists instantly through smart contracts.
BlockChain For Bringing Transparency in Music And Film Industry:
The major pain point for the songwriters, musicians, and producers in the music and film industry is lack of transparency regarding their royalty distributions.
The industry struggles with finding new ways to monetize digital music files. However, it is vital to ensure that the creators get paid for their work.
Blockchain technology makes use of smart contracts to bring complete transparency in the distribution of the fair share of royalties to co-writers, producers, publishers and technology partners.
Smart contracts are mainly contracts written on computer code and implemented through software. By using this technique, music royalties are distributed automatically between right holders according to their agreed percentages as mentioned in the agreements.
- Blockchain also offers transparency through the value chain which enables the artists to receive fair compensation for the value they create.
- Blockchain is envisioned as a new industrial model for conducting business and bringing greater digital transparency globally.
The potential of Blockchain technology in the entertainment industry has just begun to be explored and will prove to be a boon for the music and film industry in the near future.
Many artists around the world such as Imogen Heap, RAC and Giraffage have started launching their music on blockchain.
Besides the entertainment industry, blockchain holds a very high potential of applications in various other development sectors as well.
The decentralized nature of this technology renders it perfection to carry out secure business transactions. According to studies, it is expected that the total market cap of blockchain applications will rise to over 30 billion by 2024. The day is not far when this technology being adopted and accepted globally will transform the way we live today.