Blockchain technology makes it difficult to cheat. Could music artists benefit from this feature? CoinTelegraph talked to a number of experts to learn how the music industry could adapt to the rules of the digital age. How Blockchain can help the music industry
Gabe Higgins, Founder of CryptoEdge Solutions and Tampa Bay Bitcoineers , says to CoinTelegraph: “Being a musician for almost two decades I’ve experienced the dramatic decline of the music industry in the digital age. When I discovered Bitcoin and learned about Blockchain technology, it immediately struck me as something which could revolutionize the music industry. Artists have been using the Internet to create new business models to sustain music careers but that is getting increasingly difficult too.” Gabe Higgins, Founder of CryptoEdge Solutions With the advent of the Blockchain, Higgins can see artists building their fanbase by incentivizing them with a token asset which would gain value as the artists gained popularity. Feedback loops could be built, and many of the intermediaries could be removed, so that both the artists and the fan could benefit, rather than just the record companies. This would also build a stronger network of fans who would be more likely to stay with an artist throughout their career.
Higgins looks forward to the day when there is a marketplace of artist’s tokens being traded like commodities because that’s what music is and should be valued in this way again. Integrity and trust between strangers
“Blockchain technology is complex, but the idea is simple”, say Don Tapscott and Alex Tapscott in their piece for the Harvard Business Review about the vast, global distributed ledger or database running on millions of devices and open to anyone where information and anything of value – money, titles, deeds, music, art, scientific discoveries, intellectual property, and even […]
