Blockchain Could Help Musicians Make Money Again Cited
Blockchain — A Musician's best friend?
Aaron Swerdlow and Banu Naraghi hash out why digital currency offers a new manner to scrutinize IP. They say it is disquisitional to the securitization of IP considering it guarantees the validity of a transaction by recording the transaction on a main centralized register as well every bit a continued organisation of registers. MyCELIA and UJOMUSIC are some amid the startups who can successfully found a decentralized IP maintaining mechanism for the musicians. They use smart contracts to solve licensing problems and catalog songs with their respective creators.
Musicians for the past couple of decades, have seen a huge decline in their internet revenue from album sales, the most basic reason for the aforementioned have been the high constituting margins of record companies and product houses.
This disrupted the state of musicians throughout the globe, leaving them with hit depression income for their talent.
While at that place have been numerable amounts of attempts to lower the existence of such middlemen none accept accomplished a margin higher than 20 per centum to the musicians.
In 1999, Napster a visitor launched with the aim to create an environs to direct connect the fans with the musicians by use of a real time peer-to-peer file sharing arrangement had given the globe the commencement blood. Napster was later shut down due to alleged copyright infringements as well as a defalcation lodge of the courts.
Today, blockchain surroundings accomplishing newer heights has fabricated it possible to again create an immutable environment to direct connect the musicians to their fans.
The biggest consideration while creation of such an environment is management of all the Intellectual Properties(IP) which was the only expanse where Napster lagged being as well the reason for its downfall.
In the current era blockchain existence the supreme ruler of immutable database, tin can certainly avert infringement of rights by creation of a public blockchain acting as a registry for every IP.
This can also be a concrete evidence to the correct and ownership. This volition ensure that the Peer-to-peer model is gratis from unauthorized employ of the network past not letting a node to add files to the database without buying to the requisite IP.
Keeping the above basic mechanism in mind MYCELIA and UJOMUSIC are some among the startups who can successfully establish a decentralized IP maintaining mechanism for the musicians.
They use smart contracts to solve licensing problems and catalog songs with their corresponding creators. They have added an additional "promote" characteristic where the fans tin promote their respective artists by paying them.
Blockchain technology on the whole is emerging every bit viable new way for many industries to dis-intermediate and add together transparency without losing on security.
The same is for the whole entertainment manufacture.
Moving away from the entertainment industry, which I chose for the purposes of simplicity, imagine for a minute freelance journalists, ethical hackers, coders, designers, each with their ain I.P.
Move on to whole organizations conducting billion dollar I.P. deals, in sectors like nugget-management, software, and A.I.
When IP rights holders register their works to a blockchain, the rights holders tin can ultimately end upwards with physical testify of buying, which is free from tampering, considering once a work has been registered to a blockchain, that information cannot ever be lost or changed.
Practise you get the chills a bit?
Can you think of a world where I.P fraud is eliminated with one public blockchain governing millions of dollars in protected rights?
To elaborate my point further, here's excerpts from IPWatchdog's interview with with Aaron Swerdlow and Banu Naraghi, to discuss why digital currency offers a new way to scrutinize IP.
According to Naraghi -
Blockchain specifically is disquisitional to the securitization of IP considering it guarantees the validity of a transaction by recording the transaction on a principal centralized register equally well as a connected publicly distributed system of registers.
If you deeply sympathise the bones premise of blockchain, the very fact that private data, contained on a publically accessible database, confirmed and updated every transaction, is the peak of data transparency and fraud-prevention.
Naraghi continues -
One of the most common applications of blockchain engineering science is the employ of it equally a registry of IP rights, to catalogue and shop original works.
Blockchain Across Fintech
Blockchain's use-cases are seemingly on the ascension, with the engineering increasingly gaining traction beyond its fintech use.
Companies like VeChain and Ambrosus offer their own blockchains, and track the supply model of food and medical products, to forbid counterfeit goods from being circulated in credible stores.
In short, blockchain tin can be applied to to many, many I.P. sensitive areas, such every bit pharma, luxury, automobile, and basic customer goods.
Diving into the technical points —
- I.P includes all kinds of legal applications, inclusive of government regulations, financial laws, and data privacy.
- I.P. transfer still remains a paper-heavy industry, marked with slow administration and poor I.P. protection.
- I.P. on the blockchain includes — and is non limited to — evidence of ownership, hallmark, of rights to be sold. Tracking and decision-making the sold rights until the two parties are rightfully incentivized. And finally, establishing and enforcing IP agreements.
This includes when a trademark was outset applied for, registered, first used in trade; when a blueprint, trademark or patent was licensed, assigned, and and then on.
LEXIT is an Estonian-based, blockchain centered firm that focuses on selling I.P, and fifty-fifty whole companies, via the use of their organisation.
By providing users with the tools to hands track the entire life cycle of a patent, a right, or an I.P, Lexit makes the newspaper-heavy, fourth dimension-consuming process look like a definite cakewalk.
Bank check out the project for yourself ?
Site — https://www.lexit.co
TG — https://t.me/LEXITco/
Twitter — https://twitter.com/LEXITco
Reddit — https://world wide web.reddit.com/r/LEXITofficial/
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Source: https://hackernoon.com/blockchain-a-musicians-best-friend-8ea9ad1621b4
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