According to the report, there are four main areas where blockchain could transform the music industries:

A single, networked database for music copyright information, rather than the many, not-quite-complete databases maintained at present;

fast, frictionless royalty payments, whereas payments can currently take years;

transparency through the value chain, allowing musicians and their managers to see exactly how much money they are owed, as opposed to a culture of non-disclosure agreements and « black boxes »; and

access to alternative sources of capital, with smart contracts – contracts implemented via software – potentially transforming crowdfunding and leading to the establishment of ‘artist accelerators’ on the model of tech start-ups.

Source: www.ibtimes.co.uk

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