Why companies using blockchain in music industry?

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Some of the most important challenges now facing the music industry are being addressed by blockchain. Musicians can get equal royalty payments, venues can prevent counterfeit tickets, and record labels can simply track music streams and promptly compensate all artists who contributed to songs or albums thanks to blockchain.

Blockchain technology has the potential to assist the world overcome its problems.

Vezt:

Location: Los Angeles

Vezt could even be a music rights marketplace that permits music fans to directly finance their favorite artists, composers, and producers in exchange for royalties generated from their favorite recordings. This is accomplished by the platform collecting royalties on behalf of fans from performing rights organizations, publishers, and record labels, then tracking them using proprietary blockchain technology.

Ujo:

Location: New York, NY

The decentralized technology developed by Ujo builds a database of music ownership rights and automates royalty payments. Artists may submit original works, self-publish, control license choices, and manage distributes on Ujo’s blockchain technology. The Ethereum platform simplifies music ownership by allowing musicians to be paid via smart contracts and cryptocurrency.

Choon:

Location: Devizes, England

Choon could even be a music streaming and digital payment company that uses blockchain technology to make sure that musicians get paid fairly and on time. Choon’s Ethereum-based platform allows musicians to make smart contracts with each song contributor, ensuring that a particular percentage of total income is distributed to them (80%). The blockchain also makes it easier for up-and-coming musicians to spice up funds through crowdfunding, and listeners are rewarded for generating tailored playlists.

Open Music Initiative:

Location: Boston, Massachusetts

The Open Music Initiative (OMI), a nonprofit with 200 members, advocates for an open-source protocol within the music business. The Open Music Initiative is watching using blockchain and AI to help identify and pay out fair royalties to rightful music rights holders and originators. The Initiative thinks that blockchain can help artists get paid properly by bringing openness and deeper data insights.

Musicoin:

Location: Hong Kong, China

Musicoin is shared economy music streaming platform that permits the creation, consumption, and distribution of music. The company’s blockchain infrastructure enables safe and transparent peer-to-peer music transfer. MUSIC, their coin, may be a worldwide currency that supports all music and music-related transactions. Musicoin eliminates the necessity for third parties, ensuring that the artist receives 100% of all streaming income.

Mycelia:

Location: London, England

Mycelia could also be a gaggle of artists, musicians, and music fans that want to encourage musicians and other creatives within the music industry. The music industry is considering blockchain for a spread of uses. Mycelia’s main goal is to figure a whole database on blockchain to form sure that artists are appropriately compensated and acknowledged as soon as possible.

Broker:

Location: Oxford, United Kingdom

Blokus could also be a worldwide publishing data source for music management and monetization. Broker combines multiple sources of rights data in one database using AI and blockchain. The blockchain then allows music publishers to catalog their work and have it approved by the community. The company’s AI (AI) resolves any source conflicts by examining relevant origination information to form sure that the proper artists get paid.

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