Cryptocurrency has been gaining popularity and acceptance for the last few years. This is mainly to the initial publicity of bitcoin’s volatility in terms of value. However, it is also due to the currency’s characteristics and versatility. So that even though many long standing businesses and brands like for example, mFortune online casino, who are yet to adopt the solution; those who believe in crypto are betting it is only a matter of time when it will be seen everywhere. This way of thinking is underlined by the fact that it is not only in the retail industry where we are seeing cryptocurrencies and its technology being embraced.
Digital currencies are paving the way for a new revolution in the music industry. The music industry is often confronted with problems regarding tracing ownership and figuring out who has the rights to the music. Albeit this is a non-sexy topic, it is a significant problem in the music industry and costs a lot of money to put right. Come to the rescue cryptocurrency with a model that could just provide the much-needed solution.
One of the issues is noting who deserves credit for a song. You may love Adele’s hit 21 but do you know the name of the awesome artist who played the drums in it? Probably not. This sort of information about credit is not kept on one database. Instead, it is fragmented in different places, some in the public view and others well-hidden for various reasons.
The other problem concerns rights to a song. Rights are often split between who wrote the song and who recorded it. Thus, if someone re-records a song written by someone else, those writers still have a claim to a piece of the pie. This is one of the most complex aspects of the music industry and all we need to know here is that it can become one big messy ball of spaghetti that lawyers have to dine on.
The same complexity is found in working out royalties for songs and who should receive a cut. Where the money goes from songs has often been contended as unfair. Rather than jumping in the trenches with the likes of Spotify, let’s move on to the solution to these issues.
The deep-rooted issues facing credit, rights and royalties lie in the difficulty of accessing information and administrative complexities. To straighten out the spaghetti, it would be easier to have a decentralised platform open for all to see – sound familiar?
Bitcoin technology works in a way that could solve these issues. This open-source network allows anyone to access it like a database or library and everything is tracked. This means working out who deserves credit for a song – along with the main artist – and who has rights to it becomes streamlined.
It addresses two of the issues but what about tackling the problems of royalties? Well, cryptocurrency technology could also solve these problems. Using smart contracts, knowing who has royalties to a piece of music would become easier and result in far fewer if any, lawsuits. The even better news is that even though transactions are public the people – or participants – within those transactions are private, meaning an air of financial discretion remains intact for making royalty payments between parties.
Will it Happen?
Overall some of the biggest problems facing any of the entertainment industries could be rectified and addressed through cryptocurrency and its underlying technology. If the industry will latch onto it remains to be seen, but many within it will be hoping it does.