How blockchain can change the music industry
TechCrunch's Ben Dickson delves into Blockchain, the technology that powers cryptocurrencies like bitcoin, and how it could positively impact the music industry moving forward. Dickson explores whether Blockchain technology could be the solution to the music industry's problems, allowing tech companies, labels and artists to finally lay down their weapons.This article originally appeared on TechCrunch
Since the 1999 launch of Napster’s music-sharing platform, the music industry has been in near-constant turmoil, its timeline marked with dipping revenues, lack of transparency, piracy problems and feuds over the fair distribution of dividends.
Music companies hate streaming services. Streaming services hate file-sharing services. And, most of all, artists and content creators hate virtually everyone else for making huge sums off their toil and feeding them the crumbs.
With so many conflicts of interest, there seems to be no one service or business model that can work in a fashion that satisfies the needs of all the parties involved. But now, after years of suffering from a thorny and complicated relationship with the tech sector, the music industry might finally find a chance to head in a positive direction by leveraging the blockchain, the technology that powers the bitcoin cryptocurrency...