A report written by a United Kingdom-based musicians’ rights group says blockchain’s potential is not limited to finance.
“Music on the Blockchain” was co-authored by the Featured Artists Coalition and the Blockchain for Creative Industries Research Cluster at Middlesex University.
Distributed ledger technology can help make music a truly digital business, an industry heavy hitter believes.
“If blockchain technology can help the commercial and contractual relationships in music keep pace with technology and the communication between artists and fans, then it could truly be revolutionary,” Pink Floyd’s Nick Mason said. “This report is a valuable contribution and I hope it can help inform the debate and take us forward.”
FAC board member Imogen Heap explained blockchain’s potential for the music industry.
“Blockchain is enabling us to completely rethink the basic, core structure of how monetary distribution works in the industry. It can be used to build a united platform and create an ecosystem, but most importantly builds innovation under standards that make sense for artists.”
The report says blockchain can help in four ways. It can serve as a single, unifying, and networked database for music copyright information. Royalties can be quickly and easily processed. Complete transparency allows musicians to easily track how much they are owed, and new sources of capital and contract technology including crowdfunding and artist accelerators.
“Blockchain is a potentially very exciting technology for music, however it is utterly impenetrable as a subject to most people,” FAC CEO Paul Pacifico.
“This report is a great place to start if you want to help design the possible future music landscape.”