Blockchain money is making waves in the technology world. That's why many are looking to the possibility of blockchain and cryptocurrency reaching $1 Trillion net worth in 2018.
With that being said, many other industries are beginning to see it's potential. They are starting to integrate and implement blockchain systems into them.
We've seen how blockchain technology is changing the pharmaceutical industry, the retail industry, and even the finance industry.
Now we are looking into how blockchain money could revolutionize and save the music industry. Here's how:
Blockchain Money Will Help Musicians Make Money Again
There are several different ways this could work, like using blockchain currency to quickly and cheaply purchase rights to a song. This not only gives the artist the opportunity to get their song around more people, it also gives listeners more ways to spread their favorite songs.
Then, there's the possibility of creating one place that could be a hub for all things music creation and consumption. One that actually works could only be created through something like the blockchain.
Soon, we could see a new domain known as '.music' which would allow verified music creators to give access to all things from music. From biographies to songs, and even merchandise. It would look something like "elvispresley.music," and could essentially serve as a full-on database for each artist, their songs, and everything that goes into each of those things.
It Will Give Artists Their Rights Back
As of now, many artists are the last to actually see what, how, and where their creations reach. Blockchain money and technology is going to give artists their rights back by allowing peer-to-peer music sharing that is both profitable and useful.
In the past, companies like Napster and LimeWire were revolutionizing the way people received their music, but without being legal. While those things don't exist anymore, the idea is great and could be used to the benefit of artists and the music industry as a whole.
With blockchain, this kind of idea could come back, which not only is good for musicians but also for their fans and listeners.
It Can Also Remove Intermediaries
This will change the way artists receive profit for their work. Right now, when you listen to a song, that data has to go through a long list of processes and people before the money that is due to the artist is actually received.
With the blockchain, artists won't need a middle-man anymore, every time someone listens to their song, that data and money will go straight to them.
When Will This Happen?
Now that you can clearly see the enormous benefits of blockchain money in the music industry, you probably want to be involved, right?
Right now, the blockchain and music industry aren't working together like they should. What you can do as of now, is make sure you are keeping updated and learning about what blockchain is, what it can do, and where it's going.
Blockchain technology is going to change and revolutionize the world, make sure that you're part of it!