What if there were a way that whenever a new work – music, art, photograph, book – was created, a record of who created the work was established, and the date of the creation would also be recorded?
What if that information – the date of creation and the name of the creators – was recorded on a ledger that could be made visible to anyone, and was impossible to be changed or destroyed?
That currently exists and it’s called Blockchain Tech. Its implications are vast for all artists. This ledger allows for transparent and unchangeable registration of an artist’s works. The technology also opens new avenues for artists to connect directly with their fans and others who desire to use and promote their music. The beauty of Blockchain Tech is that is does this without institutions sitting between those who make the art and those who consume the art. In this video, Music2020 will introduce you to this powerful Blockchain technology, and provide you with some examples of how it could have a positive impact for rights holders and all artists’ careers.
Watch the video below to learn what every musician should know about Blockchain Tech
- The Bitcoin Blockchain emerged in roughly 2009, and has been adopted by financial institutions.
- In 2014, Smart Contracts were added to the capability of Blockchain in its 2.0 version, making it a more flexible and robust system, with the ability to track ownership. This has increased its visibility with the music industry with possibilities of artists managing their own content.
- Companies are being formed, like Revelator and dotblockchain music, to help musicians utilize the blockchain technology using their interface.
- Music2020’s hope is that blockchain technology will help solve many of the issues of the disenfranchised musicians face today with the old guard world of music labels.