Musicians dream of music revolution courtesy of Bitcoin blockchain technology
Musicians have begun sounding out a potential music revolution by harnessing Bitcoin blockchain technology in an effort to reverse declining revenue shares.
This process has seen revenues increase only marginally, by around 0.6 per cent last year, despite estimates from the British Phonographic Industry suggesting that consumption is up 3.7 per cent, driven by huge 82 per cent jump in streaming.
Whilst primarily associated with the crypto currency blockchains have already been co-opted by banks and public services and now some musicians have begun to take note.
Amongst them is songwriter and producer Imogen Heap who informed City AM: “Blockchain is completely enabling us to rethink the basic, core structure of how monetary distribution works in the industry. It can be used to build a united platform and create an ecosystem, but most importantly builds innovation under the standards that make sense for artists.”
Researchers identify four key areas where the technology could prove transformative; namely enabling quick royalty payments, enabling networked database of copyright information, enhance transparency and open up alternative revenue streams.
Heap added: “I see blockchain as a beacon for all the information about my song. As well as the music, I could release information about the moment I wrote it, where I wrote it, what gear I used, who has covered it, who else worked on it.”
Whilst enthusiasm for such innovations is building, their implementation is not expected for several years yet.