Ethereum’s price and overall performance is mostly influenced by the value it creates for adopters. It is also influenced by how investors “perceive” its value. Therefore, we wanted to share with our readers one of Ethereum’s applications that makes it both highly visible and very useful. Today, we will talk about Ethereum’s use in the Music industry.
Ethereum’s Smart contracts as a solution to a long time challenge
To understand why Ethereum could have a disruptive role in the music industry, let’s go quickly over the challenges this industry is facing nowadays. For a long time, the music industry has had its share of challenges and reduced revenues due to pirating. According to Wikipedia, this goes back as far as Bethooven’s time. Piracy websites are flourishing and artists’ revenues are suffering.
Ethereum can effectively protect Intellectual Property Rights. In fact, Smart Contracts can track the ownership of files uploaded to the network while allowing collaboration through Ethereum’s decentralized, peer-to-peer network. Isn’t that a best of both worlds scenario for Creators (artists) and users (partners, fans…)? This will would also allows the content generators / owners to get compensated in a rather quick, convenient way while eliminating the need for intermediaries.
In theory, Ethereum is the solution but how practical is it to implement?
If you have watched the 2017 Grammy awards, you probably saw that DJ Andre Allen Anjos ” RAC ” won the Grammy for best remixed recording. RAC just launched earlier in July his Album EGO on Ethereum’s Blockchain. A fist and an important one, because this means that it’s possible and it has been done now.
The good news is this is not about an album, it is now about the creation of a portal where creators from different backgrounds, styles, levels of notoriety can achieve a larger audience reach at lower costs and higher protection of intellectual property. That’s where Ujo Music comes to play through the creation of their Ujo Store. The store is due to be released later this year and will be a place “where artists can publish, license and be compensated for their work using Ethereum”.
This vision statement by Simon De La Rouviere, Smart Contract manager for Ujomusic sums up very well the impact of applying Smart contracts to the music industry:
We envision a global, open, decentralized, machine-readable licensing system: owned by no-one in particular, but simultaneously owned by everyone. Its policies are set by the artists, upon which any app developers could build a service to incorporate the artist’s music in their applications.
Given this foundation, the possibilities are endless. It will all feed back to the artists, to the creatives.
To conclude, these are great news for the value and the price of Ethereum, as it represents another vote of confidence in Ethereum, both the Technology and the currency.