With BlockChain being such a new technology, many would not have heard of it or understand it’s potential. Many commentators are predicting that the advent of BlockChain Technology is akin to the introduction of the Internet.
We believe that [Tweet “Blockchain technology has the potential to transform the music industry “] and disrupt a large number of business models. So in this post, we provide an introduction to BlockChain technology and what it means for the industry.
The BlockChain is globally shared transaction database which can record transactions between 2 unrelated parties
Its new technology which facilitates the transfer of any digital value between 2 unrelated parties thereby creating trust in a relationship which may contain a significant lack of trust
It can be seen as a distributed database of information using the same principles of bitcoin. Key components are that its:
- Distributed therefore no central authority controls it
- Each transaction is built on blocks of information that is built on the block before it.
- Consensus on the state and truthfulness of that information achieved due to the visibility of that information to all participants in the BlockChain.
- Its immutable, meaning that once information has been recorded in the BlockChain database it cannot be altered
It therefore provides a mechanism to deliver a new approach to the storing, sharing and validation of information
BlockChain and Business
The potential of the BlockChain is in its ability to disrupt business processes and industries which are characterized by a large number of intermediaries and third parties, saving those industries billions of dollars
BlockChain and Music
Its relatively easy to see how The BlockChain can be applied to the music industry, and in particular to the aspects of the Blockchain which relate to recording transactions for the visibility and verification of others.
Many of the current music industry woes as it relates to independent artists, can be tackled in an alternative approach using the Blockchain and leading to viability for artists in maintaining a living from the creative abilities
At Zimrii, we believe in shifting the balance of the music industry in favour of the artists and bands and away from the large music companies which dominate the industry
The BlockChain is a new form of technology which can enable that change to happen