Will Blockchain make inroads into the music industry? Well, it’s already in the global music, as well as the movie and publishing worlds. But there have been efforts to find ways to block access to materials and to halt free and open distribution of creative works over the internet. The use of blockchain technology to address these issues surfaced of late. New kids on the Blockchain
How can Blockchain change the industry’s revenue stream due to its ability to store, organise and share data based on a concept of transparency?
Blockchain panelists at Shoreditch House ’s library in London gathered on Tuesday May 17. The technology is changing all the time and so rapidly as no one is quite sure what it will look like in a few months from now. But already music professionals – musicians, managers and labels – can use blockchain to fight fraud, create smart contracts and secure payments. Panelists also talked about many the issues involved, including transparency and copyright. Intellectual Property perspective
The panelists’ views are in line with the recent response of Francis Gurry , Director General of the World Intellectual Property Organization to questions on the challenges facing creative industries in the next few years.
Francis Gurry said: “It’s very difficult to predict where it’s going. But we have to develop, I think, a greater sense of urgency about the questions… about the value chain, whether there’s value, then the distribution of the value. I think we also should ask about the complexity of the copyright system. How easy is it to comply? We have built up a very complex architecture behind the copyright system, with the authors, the publishers, the collecting societies; is there any way of simplifying that? Maybe some of the answers will come through technology. Some people suggest […]
