RE: Cryptocurrency's Inevitable Affect on the Music Industry
This is an excellent idea! And I'm about as rare as they come to say something like this.
I think the challenge you're going to face is distribution and awareness though. I'd seriously try to invest your time in building something along side other platforms that can help in that arena.
I don't think there is anything readily available yet, but there will be soon. STEEM plus a storage blockchain like Storj/Sia, LBRY, and others will surely lay the groundwork for this.
How do you plan to address the DRM issues?
Honestly, a music centric solution where reputation/karma, distribution and music library integration with popular DJ apps, or even just a "cloud bucket", possibly built on Storj, would probably be great.
I just wonder how you're going to ensure that people are going to get paid on the contracts and the songs won't leave and be shared outside the contract.
Hey Jacob,
Thanks so much for reading my post :) this was my first one and I was super curious to see if it would actually reach anyone!
I couldn't agree more. Even more so then distribution this technology is so new that I feel like it will be extremely tough to convince artists that being paid in crypto is as reliable as being paid in USD. I think we will see this mindset shift of the next 5-10 years but I'm definitely going to be keeping a running record on this platform of how this process is going.
What do yo mean by "DRM" issues? Not familiar with that term but would love to learn!
As you mentioned the big picture would be to try and integrate these contracts into platforms such as Spotify or Soundcloud so that the information is 100% transparent and there aren't any "black box royalties" like we are seeing today.
I will say that I am also heavily invested in DigiByte as they have been very open about trying to integrate themselves into the gaming community which in my opinion is very closely related to electronic music. I'm extremely open to hearing any ideas about how to go about approaching this because right now it is truthfully nothing more than an idea with no real way to go about executing these contracts in today's crypto landscape.
DRM is digital rights management, and I think Jacob meant this in the sense of how files on the blockchain will be protected against copyright infringement. That's actually a beautiful aspect of this, that blockchains can be used as a registry of ownership. This is what BlockAI (now binded.com/) is aiming to solve by letting artists register and timestamp their work. The only thing about this is it'll be possible to identify infringement of someone's digital work, but not necessarily enforce the takedown of said work. Obviously there is a solution to this problem... someone like you just hasn't thought of it yet!