Brooklyn-based blockchain music startup Ujo published an interesting explainer yesterday on how it thinks the blockchain could change the music biz in the coming years.
“In the case of music, rights metadata (i.e. information about who owns which copyrights and is used to pay royalties) is out of sync globally, making it a prime candidate for capture on the blockchain,” according to the piece.
Ujo is a pretty neat company. Founded alongside East Williamsburg’s ConsenSys, it counts the co-creator of the Ethereum blockchain, Joseph Lubin, as a member of its team. It laid out the problems with the music industry by creating the site theproblem.wtf.
The piece — “What Does the ‘B’ Word Mean for Music?” — lists four agenda items as plausibly achievable:
- We can meaningfully raise funds for a creative project very quickly while avoiding the pitfalls of traditional financing (e.g. over-concentration of influence from a handful of stakeholders)
- People are willing and open to the idea of organizing and exploring new forms of democratic process and accountability on the blockchain
- We can encourage good behavior in digital environments using tokens that have real-world value
- The Ethereum ecosystem is nimble enough to address systemic risks using a hybrid of technological and social consensus
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