Nowadays blockchain technology captures the attention of many businesses, whether it is the banking sector, music, education sector, or many more. It is highly needed in this time when fraud and hacking are up the game. But now blockchain enters the world of music which helps the artists by erasing mediators which automatically provides more profit.
Blockchain work as a tool that helps to remove intermediaries, provide equal access and opportunities, and get rid of discrimination. It is beneficial for every sector and changes the lives of many people all over the world. Blockchain enables an environment that provides equal opportunity to everyone despite their race, religion, or color.
WHAT IS BLOCKCHAIN?
A blockchain is a tool that stores data electronically in digital form. It has different nodes and it stores data in a decentralized manner even if one node gets hacked or changed it automatically rechecks with all nodes and pinpoints the fault node. This makes this technology very much secure as compared to other platforms.
Blockchains are famous for their secure and decentralized record of data which increases trust among the users and the best part is that we don’t need a third party. With the help of blockchain technology data is fully secured and can not be edited which makes it trustworthy. It is a more decentralized platform with lots of transparency.
For storing your data more efficiently and most safely blockchain is ready to change the game.
HOW BLOCKCHAIN CHANGING THE MUSIC INDUSTRY
With the help of blockchain technology, it provides artists new opportunities in which there is no middleman exists so now artists can directly contact their listeners. It helps to music streaming process too much more user-friendly and cost-efficiently. Now artists can get their reward directly from their fans without giving their portion to middlemen.
Previously middleman takes the main portions of income from artists but now this is not the case. Blockchain helps to solve the issue by giving equal opportunities to every artist whether small or big. This is a new development in the field of music which empowers artists to work on another level.
BLESSINGS FOR ARTISTS
It turned out a blessing for many artists which are not able to get the equal opportunity due to the intervention of middlemen. This technology proved to be empowering for artists as it opens many doors for them. Improving conditions for artists provides a more diverse market that allows artists to showcase their talent without any geographical boundaries.
Blockchain music streaming provides a system that removes monopoly from the music world, now any artist has the same opportunity to showcase his talent to his fans. By this, all hosting fees will be removed which makes it cost-efficient. It also enables artists to get paid directly from the song or streaming which helps to retain its maximum profit.
This technology provides upcoming artists with a more easy and smooth environment that was previously dominated by gatekeepers. Now artists can share their talent to direct fans by uploading their work and gaining a full percentage of profit without sharing any extra fees for mediators. Blockchain technology is not only focusing on artists but also is beneficial for fans, now fans can get monetary benefits from this process.
We can say due to blockchain technology we are moving towards growth and development in the field of music. But there is a lot of space for growth is still there. Now artists can showcase their talent to their direct fans without any discrimination and listeners also get some benefits with the help of decentralized platforms.