Blockchain could trigger a ‘new wave of transformation’ for the music industry, a report has claimed.
Research by financial firm Deloitte analysed the potential of this new tech and the impact it could have on the creative industries.
According to the report, despite the music industry being in ‘rude health’, the ability of artists to earn money from their music is ‘fraught with difficulty’.
Deloitte’s research suggested that blockchain technology could help change this for creators by storing ‘a cryptographic 'hash' of the original digital music file, associating it with the addresses - and, potentially the identities, of the people involved in its creation’.
It also states that blockchain could be used to store a smart contract which would provide instructions on how artists would like to be paid for their music.
A spokesperson for PRS for Music told Computer Business Review: ‘Blockchain technology has many potential applications for many industries and the music industry is amongst them.
‘PRS for Music is constantly looking for ways to improve the ability for our rightsholders to receive fair and transparent payment for the use of their music. While it is unclear what role blockchain could serve for the music industry and there are many questions to answer, it is something we are interested in. It is prompting great debate around the opportunity to change current structures and develop new solutions for the benefit of creators and users of music.’
Visit the Deloitte website to read the full report.
Research by financial firm Deloitte analysed the potential of this new tech and the impact it could have on the creative industries.
According to the report, despite the music industry being in ‘rude health’, the ability of artists to earn money from their music is ‘fraught with difficulty’.
Deloitte’s research suggested that blockchain technology could help change this for creators by storing ‘a cryptographic 'hash' of the original digital music file, associating it with the addresses - and, potentially the identities, of the people involved in its creation’.
It also states that blockchain could be used to store a smart contract which would provide instructions on how artists would like to be paid for their music.
A spokesperson for PRS for Music told Computer Business Review: ‘Blockchain technology has many potential applications for many industries and the music industry is amongst them.
‘PRS for Music is constantly looking for ways to improve the ability for our rightsholders to receive fair and transparent payment for the use of their music. While it is unclear what role blockchain could serve for the music industry and there are many questions to answer, it is something we are interested in. It is prompting great debate around the opportunity to change current structures and develop new solutions for the benefit of creators and users of music.’
Visit the Deloitte website to read the full report.
