Title: The new music industry – Blockchain in action
Author: Gideon Gottfried, iMusician
The Internet, Online, 28/11/2015
Remember our article titled “5 ways to take your destiny as an artist into your own hands”? It contained a quote by Fraunhofer IDMT’s Steffen Holly which said: “When musicians on the brink start using the existing technologies to move away from the industry instead of moving into it, only then will something new come into existence, something relevant.”
Simple, elegant, transparent
Well, that is exactly what is happening at the moment. Remember: the Blockchain is a decentralized database, completely transparent and able to process crypto currencies. All transactions that are done on this database are regularly sealed and archived until doomsday. Transactions not only refer to monetary exchanges. Almost any process can be written into the Blockchain in data form as a transaction, like digitally stamping files to prove one’s ownership or registering as a voter. The lack of a central entity, full transparency and crypto currencies: these three features alone can help solve virtually all of the challenges the music industry currently faces. And that’s not even talking about smart contracts yet………………..
read the article online…….