Too good to be true – what the Blockchain means for the music industry

Is this really the digital age? Especially if you are a musician or songwriter you have every right to challenge this fact. What with labels presenting you with contracts that seem to have been written in the middle ages and distributors asking for cuts that were established in an era when you had to transport CDs across the oceans on a ship. It takes months for collecting societies to transfer the money they owe their artists, oftentimes it isn’t even clear who should receive the royalties in the first place, because of badly kept databases. Most of the time the artists don’t even know what’s going on because transparency is an alien concept in the music industry thicket.

This won’t go on forever though, as the next digital revolution is already well underway. And the traditionally stubborn and conservative music industry isn’t going to slow it down, let alone stop it altogether. The technology behind this revolution is called the Blockchain.

 

Read the complete article at imusiciandigital.com

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