How Will Blockchain Changes The Future Of The Music Industry?

1. How Will Blockchain Changes The Future Of The Music Industry? How Will Blockchain Changes The Future Of The Music Industry? The blockchain is being imposed on the music industry with a focus to help the artists. Let us discuss how the blockchain removers the intermediate in the music industry which makes the artist capture and create more revenue for their own products with some relevant concepts like smart contact, revenue management, metadata analysis, and record-keeping, etc. Application and Improvement of the music industry Smart Contract It is an automatic excludable condition term, such as asset transfer, etc which is powered by the Blockchain. With this smart contract when a music fan downloads or stream the music available on this blockchain network, the royalty payment to the artist may get transferred automatically without going thought with any third parties. In this, all details regarding the payment remain within the chain any of the shareholders can visualize it. Revenue management As similar to the changing of the cost of flight tickets, the music artist can also fluctuate the cost of their product with Revenue management. As an artist, they can alter the price according to the time, stream per person, the total number of downloads, or even for regions of the consumer. It provides the fans to get a discount for the number of streams they make which brings the artist and shareholders to get more liberty for creating an innovative Bussines module using blockchain. Data analysis and business model innovation With the blockchain network the information regarding the transition is being available to increases the transparency of the process and allows the artist to create the new business models according to the usage of their products. With this, the artist can access the geolocation, purchase preferences of their fans

2. wich allow the artiest to mak customize experiences for them. In this blockchain artiest can add the information, an instrument used, data of performance with may help them to fiend the consumer pater and a promoter, etc. Record Keeping The record-keeping of the blockchain may overcome the Digital right management system. Everyone involved in a song such as a songwriter, producer, performer, sound engineer, and other staff must get payed correctly by the shareholder, this can be achieved by using a dynamic music file format called Dotblockchain(.bc) such as MP3. In this, it contains all the r information regarding the artist. Development of blockchain for music The open music initiatives are one of the open-source protocol for the uniform cation of the rights of the shareholders. More and more developments are being made with blockchain for the music industry such as 1. Bittunes, peertracks, and voice. 2. Revelator, Blokur, Musicoin, and Ujio music are some of the platforms for royalty holders. Conclusion This biggest foundation technology is being developed for the music industry. The blockchain technology can bring an innovative business model. As a result, blockchain has the potential to alter the whole music industry. It may be in research how this can replace and reaches the consumer as similar to Spotify and Apple music.