How will blockchain technology change the music industry?
You may have heard of blockchain technology as the foundation of cryptocurrency especially when it comes to bitcoin in particular. At its most basic form and function, blockchain technology can be understood as a highly-federated means of establishing the identity and authenticity of things, both physical and digital. It is an incorruptible digital ledger that facilitates the process of recording transactions and tracking assets in a business network. Assets can be from cash, houses, cars, all the way to intellectual property, such as patents, copyrights, or even corporate branding. It can also facilitate secure online transactions, automate contracts, and generally add much-needed transparency to the music business. Wait, you’re confused? Don’t worry you are not alone.
Let’s try to get a better understanding of blockchain in more simplified terms.
Source : The Music Man Podcast YT
