Since the 1999 , the music industry has been in near-constant turmoil, its timeline marked with dipping revenues, lack of transparency, piracy problems and feuds over the fair distribution of dividends.
Now, we’ll explore how Blockchain technology will influence music (distribution), digital asset management, support musicians & record labels and additionally provide a better fan experience.
At its core, the Blockchain is a distributed ledger that can validate and register transactions without the need for a central authority. No one owns the ledger — it’s spread across the nodes that constitute its network and is publicly available to everyone.
Information stored on the ledger is interrelated through cryptographic hashes, which make it virtually irreversible and tamper proof. In a nutshell, it means that parties can make peer-to-peer exchanges of data, money or anything else of value in any amount and in a secure manner.
Audio tube and Chainvine partner to deliver Blockchain Music Distribution
May 22, 2017
When we began to look at the pain points for artists in the music industry today, it became clear to us this was a question of process. It was like many pain points we have seen across other industries. One in particular was supply chain where consumers were being cheated or sold counterfeit goods. By reversing the supply chain angle we were able to think of how to better audit and track/trace an artist’s work from its inception. Chainvine has always seen Blockchain technology as a great tool for auditing and chain of custody.
“One of the advantages of a Blockchain ledger is that it can establish a more direct relationship between creators and consumers.”
Oliver Oram, Chainvine Co-Founder / CEO
When I first got my head around Blockchain I immediately saw the value it could bring to the sector. We are living in a world where content is ubiquitous. It can be created, sampled, distributed, accessed and consumed very easy these days and it will only get easier. At the same time, it has become increasingly more difficult to manage rights and account back to rights owners over time let alone real-time. Blockchain can be a viable solution to address these issue and now that Audio tube has integrated the Chainvine API our Artists and Labels content can be Blockchained upon ingestion into the Audio tube CMS. While this is a big step forward the major hurdle remains that our Global Network of Digital Service Providers has not embraced Blockchain as the alternative B2C delivery standard. However, I was thrilled to see the recent announcement from Spotify regarding their acquisition of Blockchain startup Media chain. This is bold move in the right direction for the industry”.
Scott de Mercado, Audio tube Founder / CEO