How blockchain can change the music industry
techcrunch.comI don't understand the bit about music being unpiratable due to blockchain. Just because the music is there, doesn't mean it can't be taken from there and played somewhere else.
I do think the idea of micro-transactions could solve the problem of the convoluted rights contracts in music.
We currently work from the assumption that a song is recorded and a contract exists between the artist and maybe a label and that those are the two parties which get paid. In actual fact, the deals are much more complicated than that. Sometimes the studios get a cut, sometimes the graphic artist who did the cover work gets a cut, songwriters, managers, back-up musicians, it is very complicated.
If each song on the blockchain acts as a contract with the details of who gets what, this would make the buying and selling of music on a massive scale much simpler.
More than 1 million songs are released annually to the digital stores. How long would these contracts be?