The advent of the digital age has created slates of problems for traditional media. The Internet has been at war with old mediums for some time now and slowly but surely winning it. There is no point in standing in its way. All forms of media need to adapt and rip many benefits digital age provides. If done correctly, not only will business survive this tremulous transition but will thrive from new innovative approach
The music industry has especially suffered from the inability to adapt to new technologies. To be more precise the artists themselves are having a hard time making living, while the streaming services and record labels flourish. In addition to this, piracy and over saturation of the market make prospects of becoming a successful musician dim. But there is an unlikely solution to this problem that can transform the music industry in favor of artists – Blockchain Technology.
For some Blockchain technology is something strongly associated with the advent of cryptocurrencies. But it holds the potential to be the herald of change and innovation for all industries. Through giving back its creators power over their product and decentralize business hierarchy, it is set to making the rules fair and gives a chance of earning a living to everyone.
So what is Blockchain and how exactly can it help the music industry. Most people who have heard about it, just know about a couple of words that are used to describe its benefits. It is decentralized, secure and independent. But what does it mean? In a nutshell, Blockchain is a way of storing and transferring data in the most secure way possible. And what more important (and this is where the decentralizing idea amounts to) is that no single person can tamper with the data. Information is stored on several computers (a chain of blocks) and in order to manipulate it, you must have the consent of the majority. This is the main reason behind the rise of cryptocurrencies. Data cannot be falsified and is not stored in one place, with a single person holding the “key”.
So how can it help the music industry, or in fact any other media? There are several major issues, with any media, that Blockchain can eliminate. First and most obvious is Piracy. Almost no media is safe from it. Since Napster happened, music has been especially hit with piracy problem. This is one of the main reason industries had to move to huge streaming platforms like iTunes and Spotify. This made listening to music safe and more comfortable than illegally downloading it from the internet. But at the same time, the income generated by artists has fallen significantly. To stay relevant, they need to be on those services, which do not provide enough pay and have the amount of product that can make you stand out almost impossible. With Blockchain technology, you can store and track who has listened and downloaded the track. Not only do you safeguard yourself from piracy, but also can have a direct relationship with customers. Thus, circumventing the need for a label or a publisher at the first place.
Blockchain can also help resolve the issue of intellectual rights. With its data being safeguarded from manipulation, the need for a legal battle of who owns the right to song, movie, and books and so on can be altogether avoided. Modern problems require modern solution and for music and media in general, Blockchain is the key to the future.Published: Feb 15,2019 06:20:00 PM IST