The distributed ledger technology is tipping a lot of scales in the music industry and shifting the power from intermediaries to artists. Blockchain in music industry has a massive potential to become an adoption trend all around the world, increasing financial inclusion and changing the lives of many.
This is specifically valid when it comes to emerging economies where the technology is needed the most. Even though the potential of blockchain has been widely recognized (even among the biggest critics of Bitcoin), the possible use cases for this technology are often thought as limited only to the financial industry.
In the blockchain news today, we can see that blockchain in music industry has massive potential. The distributed ledger created alongside Bitcoin has a powerful use case in the realm of currency and assets. In this manner, its value can provide a new technology which would digitally transfer information without any middlemen or risks of duplication.
Since the ownership is immutable and provable, blockchain in music industry can mean great advances – in the way how applications can be optimized to work better. Seeing that the music industry has been long dominated by gatekeepers, this could change soon.
The advent of the Internet – with platforms like Spotify, SoundCloud, Napster – have all changed the industry as we know it. The next step, according to many experts in the crypto news, is where blockchain in music industry emerges as a technology that gives power back to the creators and their listeners.
In short, the blockchain technology has a massive potential in this industry. It can:
- Remove the middlemen from the process of music sales and streaming
- Make music more widely available to listeners
- Create a whole new level of intermediation between artists and fans
As we can see, the idea of blockchain in music industry is to empower artists and improve the conditions for existing and new names in the industry. This can make a huge difference and result in a more diverse market. On another level, it can also shift the control currently held by third-party intermediaries such as labels and platforms, which all have certain influence over what music gets to be heard by the public.
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