How blockchain can disrupt the music industry in 2020

Blockchain is helping musicians and producers to sell their music without intermediaries and without giving high fees to record labels. It can also protect their copyrights.

In the music world there are many parties involved in the process of producing a final work, be it a single song or an entire album, and each step entails procedures that cost money.

The more people that are involved in the production of the song, the more people will have to be paid. And that’s why often people complain about record labels or platforms like Spotify: these intermediaries collect such a high fee that they leave a small share to the artist.

Blockchain’s potential benefits for the music industry

Blockchain Technology makes it possible to get rid of many of the intermediaries, allowing the artist to distribute their music independently, without losing money and at the same time protecting their work of art.

Copyright is can be claimed: if a song is on the blockchain, it is as if it were recorded and signed by a notary with the date, time and name of the owner.  Since no one can change the data of the blockchain, the song will be recognised as belonging to the legitimate owner.

One of the companies operating in this sector is K-Tune, a platform that allows musicians and producers to upload their works, sell them or find other musicians to finish their song. To sell and buy, the platform uses the KTT token based on blockchain.

It is important to note that the native token, the KTT, will be listed on a cryptocurrency exchange in the future which will allow artists to cash out into their local fiat.  There is also the possibility that these tokens will increase in value if artists prefer to hold them – or as it is called in the industry, to hold on for dear life – to HODL.

Therefore, the advantage is double because the blockchain and the tokens allow both to monetise in a transparent way, but also to be able to increase profits through the sale of the token should it increase in value.

So artists can reduce costs through the elimination of middle parties. Using cryptocurrency on a blockchain, they can exchange value easily and if they tokens increase in value then so too does their investment. Finally the immutable nature of the blockchain means copyright can be asserted without the need for expensive legal services and piracy be reduced if not eliminated.

See more by Jillian here.

More information about Irish Tech News and the Business Showcase

FYI the ROI for you is => Irish Tech News now gets over 1.5 million monthly views, and up to 900k monthly unique visitors, from over 160 countries. We have over 860,000 relevant followers on Twitter on our various accounts & were recently described as Ireland’s leading online tech news site and Ireland’s answer to TechCrunch, so we can offer you a good audience!

Since introducing desktop notifications a short time ago, which notify readers directly in their browser of new articles being published, over 16000 people have now signed up to receive them ensuring they are instantly kept up to date on all our latest content. Desktop notifications offer a unique method of serving content directly to verified readers and bypass the issue of content getting lost in people’s crowded news feeds.

Drop us a line if you want to be featured, guest post, suggest a possible interview, or just let us know what you would like to see more of in our future articles. We’re always open to new and interesting suggestions for informative and different articles. Contact us, by email, twitter or whatever social media works for you and hopefully we can share your story too and reach our global audience.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at Simon@IrishTechNews.ie or on Twitter: @SimonCocking