Like the dot-com bubble in the late 1990s, cryptocurrrency and blockchain technology has been the next big wave. Most of today’s generation of youngsters did not experience the dot-com bubble when it happened but cryptocurrency is happening now and it is a much stronger wave than any other that came before it.
Bitcoin and Ethereum are game changers
There is no way to discount how cryptocurrencies are changing the world. And that is attracting too much attention. When the dot-com revolution happened, a lot of people felt that it was a passing phase. Those who rode on it became rich and successful ( with some failures too ). Those who missed it, missed a whole lot of opportunities.
What made blockchain so influential?
There was a time when sending pictures over the internet was thought to be a ‘crazy idea’. So was the notion of having digital currencies. Blockchain technology has already changed every industry it is linked to. From commerce to retail, fashion to entertainment. Now, it is set to take over the music industry!
Blockchain and music
It is a common occurrence that a major music label signs a new band. They make it big and then sues the label a few years later. This is when they found out that the label has shortchanged them in royalties, often going into millions. So, how will blockchain affect the music industry?
Enter smart contracts
Smart Contracts can be executed. This is where contracts are automatically carried out through blockchain. With blockchain technology, it is now possible to automatically calculate royalties. If the contract states that the band gets 50% for every dollar, then it works automatically as long as they are using blockchain. After all, blockchain is a mathematical system.
With this, there is no need to use human calculators anymore. With blockchain, transparency becomes possible. There is no way anyone can hide any information or details of transactions. This is the very concept that a business model can carry out.
Who is doing this?
Bearing in mind that artistes are paid very low today as compared to the CD years, one company OPUS is changing the industry. They use blockchain technology to solve issues in the music industry which are:
- Revenue sharing
Artistes get 98% of royalties, they control their own content and the labels are not able to hide any revenue from them.