Rethink Music

* Report. Rethink Music. THE BERKLEE INSTITUTE FOR CREATIVE ENTREPRENEURSHIP, 2015

URL = http://www.rethink-music.com/

Description

""The music industry should explore blockchain technology used in cryptocurrencies to ensure musicians are paid fairly for streams and sales of their work, according to a report published by the US-based Rethink Music initiative.

The report, which is being widely circulated within the industry, suggests that embracing cryptocurrency technology could bring more transparency to the debate about musicians’ income from streaming services like Spotify.

A blockchain is a public record of all transactions that have ever taken place in a currency, the most well known example is its use in Bitcoin.

The report suggests the music industry to create an accurate database of music rights ownership - who should be paid for sales and streams of any given song - then builds a cryptocurrency system around it to automate royalty payments.

“In addition to rights ownership information, the royalty split for each work, as determined by a mixture of statute and contracts, could be added to the database,” suggested the report." (http://www.theguardian.com/technology/2015/jul/14/bitcoin-blockchain-streaming-music-payment-rows)