Can Bitcoin and the blockchain help independent artists make a living? When it gets talked about at all outside of hard-core programming circles, the term “blockchain” is usually used in the context of Bitcoin, the virtual currency that some see as the future of money. But some independent musicians are hopeful that blockchain technology can do more than just create a new monetary or financial standard — they hope it can help them reinvent the music business. Although they are often used interchangeably, bitcoin and the blockchain are separate things. Bitcoin is the currency — a form of digital peer-to-peer money that doesn’t require a financial intermediary like a bank — and the blockchain is a way of storing information about Bitcoin transactions in a database. Since a blockchain database is both distributed (that is, identical and interconnected versions of it are hosted in multiple locations) and encrypted, transactions and other information are easy to track and hard to tamper with. Singer Imogen Heap and violinist Zoe Keating say using the blockchain — along with Bitcoin or some other payment method — gives them an opportunity to go directly to their fans for support. Instead of having to use a record label or a platform like iTunes or Spotify, they can sell their work to individual users. “I thought, wouldn’t it be nice if I could decide what I wanted to do with my music?” Heap said at a recent Guardian Live event. “I might decide, today’s my birthday, I’m going to give all of my music to everyone for free today. At the moment, I can’t do that. Because it’s out there, and once it’s out there, I don’t really have a say in it any more.” Heap recently released a new song, Tiny Human, using blockchain technology […]
