The Music industry and Blockchains (Part 1: DotBlockchain Media)
I have been closely following most of the different use cases applying Blockchain technology with music in the last 2 years.
I decided to write short presentations for each of these projects, explaining what these different projects are about, their Pros and Cons etc...
PART 1: DotBlockchain Media, founded by Benji Rogers :
Early February 2017, I was pleased to read a major announcement:
SOCAN (the major Canadian PRO), Cd Baby, Song Trust, Fuga and medianet officially partnered to help develop this project.
The idea of DotBlockchainMedia in a nutshell: create a new file format for music, including ownership information in the song itself.
Instead of being a .wav or a .mp3, a music file would now be a .bc, and would contain all of the song's information (as soon as the song is exported from any DAW), written in a blockchain. It would need to include at least one writer and one publisher of the song(=minimum viable data).
This .bc file would be at the center of what they call a "Concentric ring architecture".
Their goal is to finally bring interoperability in the music ecosystem. They want this project to be "the rails" underlying a modern, smartest music ecosystem.
The song file being in the center of this "Concentric ring" means that everyone ( artists, labels, PRO, publishers, DSP, performers, fans) can see the same data and interact with the songs (licensing, streaming, asking permission for remixes...), bringing interoperability and more fluidity between every actor of the industry.
Pros:
- Fixing the industry from the ground-up
- Blockchain "agnostic"
- Successfull Team (For exemple, the CEO Benji Rogers also co-founded "Pledge Music")
- Major partnerships (SOCAN, Cd Baby, Fuga, Songtrust, Unison...)
- Non-Profit
Cons:
- As of now there is no established payment system (from what I read last month on their slack channel), only ownership information and conditions embedded in files.
- Uses a private blockchain (Hyperledger)
For more info: http://dotblockchainmusic.com/
Sources: http://dotblockchainmusic.com/
Congratulations @mixlio! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
You published your First Post
You got a First Vote
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP
Following you! +vote
Congratulations @mixlio! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!