Blockchain is Revolutionizing Music Industry: AI-Driven Solutions

• Blockchain technology has the potential to transform the music industry with its several offerings.
• Artists can publish their creations, own rights and earn revenue on blockchain-based music platforms.

With the emergence of the blockchain ecosystem, various sectors are being revolutionized. Decentralization plays an important role in maintaining privacy and security for creators and their works as well. The music industry can also be revolutionized using blockchain functionalities. This technology can help artists protect their intellectual property and copyright. New streaming technologies are providing features that could enhance transparency and create a secure distribution system.

Limitations of the Music Sector

The music industry has several limitations, but one of the major issues with the existing system is the inadequate supply of revenues. Conventional models for revenue distribution seem unfair sometimes. Artists, writers, publishers and performers do not always get an even share of their creations and revenue. Traditional supply chains lack the features of even and fair revenue distribution.  

Illegal distribution and plagiarism are other issues in the music industry. There are several unauthorized platforms that allow you to get paid music for free. This can create an unfair environment where artists are unable to harness the full potential benefits and revenue of their work. AI-generated music is also added to this list. The advancement of artificial intelligence is beneficial in many sectors, but in the music industry, it can cause several problems, like copyright issues and ownership of content.

Blockchain-Based Music Industry

Decentralization has the potential to address the limitations of the traditional music industry. It can provide fair revenue distribution while shielding against illegal content distribution. Here, we’ve mentioned some of the blockchain features that can resolve these issues.

• Smart contracts

Smart contracts can ensure fair revenue distribution. With the help of Web3, music labels can create automated smart contracts to fairly distribute revenue among creators, performers and owners to earn benefits as per the number of streams and supply. This feature ensures that everyone receives a fair and even portion of the generated profit.

• Security and Transparency

Blockchain provides secure data storage solutions along with music rights, licenses, copyrights and several other contents of the music sector. This helps to build a more reliable and transparent distribution system with the leverage of Web3.

• Reducing Illegal Activities

Illegal music distribution is one of the main problems in this industry that can be resolved via blockchain. This issue is resolved by providing data on content rights while tracking access to music. Blockchain is used to build a secure platform where individuals can legally access content and music. This can create a reliable supply chain.

• AI-based Solution

In an environment where artworks face volatility and uncertainty in content ownership and rights, decentralization provides the immutable nature of blockchain. This can resolve the issues associated with AI-generated content by building a fair and transparent system where artists are fairly rewarded for securing their intellectual property.

• Tokenization

Tokenization can redefine digital ownership and copyright distribution for artists. Minted tokens can be used to verify the digital ownership of a song via the blockchain. Non-fungible tokens (NFTs) can be used to claim royalties over content. These royalties can be further leveraged by smart contract-based payments through the blockchain. Third parties like music labels and banks are excluded with the help of this system.

Conclusion

Blockchain implementation in the music industry can provide potential solutions. The features of the blockchain ecosystem can transform traditional ways of content manipulation and distribution. Creators and intellectual property holders are allowed to receive fair and even compensation for their creations. The incorporation of blockchain ensures secure and legal access to music platforms while enjoying the music and other relevant content.