How Blockchain Can Change The Music Industry
Today we begin our comprehensive cover of Midem 2016, where experts will be discussing the importance of blockchain technology to the music industry.
The experts are taking their seats and should be starting shortly.
The five people on stage are Allen Bargfrede, executive director of Rethink Music; Bruno Guez, founder and CEO of Revelator; Imogen Heap, singer and producer; Vinay Gupta, general strategist at Ethereum; Joe Conyers III, VP Technology at Downtown Music Publishing.
Bruno Guez and Vinay Gupta outline the key fundamentals of dealing with transactions and putting them into blocks. Describing the information put into the blocks as “immutable”, Bruno Guez tries to keep his explanation simple.
Mr Gupta goes on to explain the extent of investment put into the research of this technology by banks, with spending in the “hundreds of thousands.”
Imogen Heap is introduced. The British singer/songwriter and producer has founded her own company called Mycelia. It uses blockchain to create smart contracts, which should see musicians get paid more fairly. She explains how every detail of a song can be stored in the blocks. That data is available for anyone to see.
There are still issues to iron out, and we won’t see this technology implemented throughout the industry for some time. But it will have an impact on certain jobs within the music industry.
There are two interesting stories developing here. One is how blockchain can change the music industry. The other is how Mycelia is already testing smart contracts and seeing the rewards.
