Learn how the blockchain can help bands in the music industry
What is the blockchain?
The blockchain is a ledger of transactions that are stored in individual blocks that are linked together. In a public decentralized blockchain no central authority can change the transaction history, and everyone can review and verify the transactions that take place on the network. Computer applications can be built on top of the blockchain which essentially makes the blockchain a global computing operating system. Similar to how applications are built on smartphone operating systems, e.g. iOS and Android, decentralized applications (dApps) can be built on top of the blockchain.
Blockchain’s use cases for bands
The blockchain opens up a whole new world of monetization and will change the way the music industry works. Centralized companies like Spotify and major record labels will lose their ability to make decisions that affect millions of people. The power will instead be given directly to the artists through the decentralized application they are using. Cryptocurrencies, digital currencies built on the blockchain to make transactions, will be provided to artists as payment for streaming, ticket sales, and merchandise sales. The blockchain will provide accurate music streaming tracking, higher payouts from music streaming due to the removal of the middleman, and NFTs. NFTs are one of a kind tokens built on the blockchain that fans will own and use as a concert ticket, an album purchase, collectible artwork, and to obtain exclusive fan experiences.
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