Blockchain is finding its way into a huge variety of industries. Plans and research from finance to postal delivery are considering the benefits of blockchain to improve operational efficiency and enhance security, and the latest industry to explore the concept is the music industry.
At a meeting of entrepreneurs, blockchain advocates and music industry experts at a Berlin Music Festival, will look to discuss ideas relating to metadata and the identification of rights for individual tracks and how blockchain can improve the current, less than efficient situation.
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We have covered some interesting concepts as various organizations seek to exploit the power of blockchain, from new ideas in global transactions to tracking the legitimacy of art pieces for traders, but the meeting of a focus group to discuss the application of blockchain technology within the music industry opens up a whole new market sector to the concept of cryptocurrency. The meeting includes blockchain advocates as well as entrepreneurs and musicians such as Grammy Award winner Imogen Heap.
The focus of the meeting is to ascertain the ways in which blockchain could streamline the identity verification and metadata storage of music which is at present difficult to manage. This helps both artist and 3rd parties who wish to use the music they produce. For instance, if a film producer wishes to use a particular track for a movie identifying ownership and establishing the rights to do so can be a time consuming and difficult process. The thinking is that blockchain could significantly streamline that process, which is currently dominated by music labels, publishers and collection agencies that leverage ownership of all the available data.
With a public blockchain developed to hold the data that leverage would be nullified and the system could be far more efficient. Finding a way to implement such a system in an industry resistant to change will be a challenge for the new endeavor, but the meeting at a Berlin Music Festival is the beginning.
It is amazing to think that it is just a few years ago that Bitcoin launched with its blockchain technology underpinning it, today there are so many options being explored for the technology that if all come to fruition, blockchain will be a huge part of many aspects of our day to day lives. For the cryptocurrency industry itself this must be seen as a positive development, and does signify that perhaps the biggest thing blockchain has brought with it is trust. Industries everywhere are finding ways to use blockchain for trusted data, and for the digital currencies built on it, that can only bring benefits long term.