Ethereum’s blockchain technology has far-reaching capabilities, which have already expanded to improvements in the music industry.
It’s no secret that recording artists and their producers have been struggling to hold onto royalties ever since Napster and P2P music sharing burst onto the scene in the late 1990’s. Music theft has continued to be a problem, leaving labels, producers, songwriters, and artists scrambling to protect their creative property. What is the solution to an “unsolvable” problem?
The brand new world of decentralization using Ethereum blockchain technology.
Ujo Music, backed by ConsenSys (a venture production firm dedicated to developing a decentralized world) is one bold new solution to music theft and loss of royalties and rights. Artists such as Imogen Heap are already taking advantage of the platform. Ujo bills themselves as a “music software services company for the modern economic landscape of music.”
Rights holders can create their smart contracts, licenses, and distribution options. It’s easy to see the appeal. In fact, more than 1400 artists have registered their interests with Ujo, with that number likely to climb. The security of the system means artists can protect their intellectual property better than ever before.
Will this replace services like Spotify and Apple Music? Probably not; at least not anytime soon. But the possibilities are intriguing. Once the process is less laborious for everyday users, it will take off. It’s just another example of the way blockchain and cryptocurrency are being used to transform the world for the better, and empowering individuals.