Blockchain set to revolutionise the music industry?

The worldwide music industry is estimated to be worth a colossal $15 billion; as of last year the total estimated contribution to the UK economy was a sizeable £3.5 Billion.  Undeniably the music industry is big business, yet it’s not without its fundamental problems.  Not too dissimilar to the wider media industry, the music community has been plagued with excessive illegal streaming and downloads.  Such is the extent of the problem, that clandestine streaming has been estimated to have cost a gargantuan: 71, 060 jobs, $422 million in lost tax revenues and $291 million in personal income tax.  Contributions which are sorely missed in the ever growing music world, especially by numerous artists.  Thus, could we ever escape the restraint that illegal downloading has on the developing music industry?

Many Bitcoin enthusiasts go as far to say that the real value of Bitcoin, is in the technological advances affiliated with the cryptocurrency. Bitcoin uses a “virtual spreadsheet” Blockchain, which is a complex public ledger that records transactions involving the altcurrency.  The terms “Blockchain” and “secondary applications” are often banded about; from usage in retail and investment banking to fair elections in notoriously corrupt nations.  But could we be about to see another innovative application added onto that ever-growing list?

It has been suggested that Blockchain could be utilised to record when music is played and who the definite owners of the music rights are.   This means that recording artists, producers and record labels could well largely benefit in increased earnings.  Nevertheless there are some stumbling blocks, the most notable of which being the need for some integrating payment.  In addition, it isn’t really ever possible to completely eradicate illegal streaming, especially with the emergence of the dark web.  But the principle, however could be easily adopted.  For the first time we could have a global platform controlled, by not one single corporation.  Unity could very well put musical piracy on the back foot.

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