blockchain & music industry 2 - musikwirtschaftsforschung · blockchain decentralized operating...
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Blockchain & the Music Industry
BlockchainHub ■ Dr. Shermin Voshmgir ■ June 20, 2016
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Data Storage: Local
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Data Security? Transaction Verification?
Who owns Data?
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What if...
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Blockchain Decentralized Operating System
Running on a Network of Computers
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Decentralize Trust
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p2p transactions without a middle man
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Blockchain
Decentralized Operating System for
Decentralized Applications
# p2p networksEvery node in the network is client as well as server, holding identical copies of the application state.
# Game TheoryEconomic incentive for each node in the network to verify the transactions according to protocol.
# CryptographyDistirbuted Merkle hash trees guarantee security as well as privacy
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Where is the Blockchain?
# Bitcoinfirst use case of Blockchain
# AltcoinsForks of Bitcoin
# Ethereum Universal Operating System
# Private/Consortium BlockchainsNot Blockchains in the traditional sense, because not censorship resistant. Rather distributed databases.
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dAPPs Smart Contracts
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Smart Contractsnot a new idea
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Money without Banks
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Companies without Managers
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Countries without Politicians
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History of the Internet
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www Revolutionized Information
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Web 2.0 The Rise of the Prosumer
P2p solutions with middle man
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Web 3.0 Decetralitzed web
Getting rid of the middle man
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blockchain (Ethereum, Private BCs, Bitcoin) ipfs, swarm (decentralized file storage) whisper (decentralized messaging) solidity (dApp Programming Language)
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Use Cases
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Bankingblockchains as
record of who owns whatinstead a series of internal ledgers
Bitcoin Blockchain- transactions (few cent vs. 5-10%)- faster (m/seconds vs. days)- censorship resistant (Russia...)- more secure: hard to quantify
Fintech Use CaseSantander Bank reckons that it could save banks up to $20 billion by 2022
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eGovernment
Tamper-proof public databases Example: registries
Honduras
Greece
Estland (eEstonia)
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Online Notaries
Registers of the ownership
Documents
Luxury goods
Works of art
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IoT User Access Control for machine to machine
smart contracts
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AccountingRevolution
# Auditing & Compliance On the fly, no after the fact
# Cooking the Books?
# Less human errors
# Faster taxation cycles
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Supply ChainRevolution
#Disintermediation
#Transparency
#Provenance
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Music Industry
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From Ownership to Access
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Revenue Share in the music industry
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Challengesfor the Music Industry
# DRM Whose song is this?
# Transparency Who is gets how much?
# Who adds which value? Major music companies now: only financing and marketing
# Curation current music industry represents less than 0.001% of available music
# Illegal downloads
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Blockchains Potentials
#Faster & cheaper
#Decentralization
#Transparency
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Potentialsfor the Music Industry
# Transparency DRM, Revenue # Decentralization Eliminates unnecessary intermediaries - provides DRM without the middle man Legalization solution
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Ujo MusicHow does it work?
# Fix global royalty distribution and licensing problems faced by the industry
# Use blockchain technology to create a transparent and decentralised database of rights and rights owners and automates royalty payments using smart contracts and cryptocurrency
# Open-source rights database and payment infrastructure
#Collaboration with the Grammy-winning artist Imogen Heap
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➢ Increased return value
Artists get compensated according to the smart contract
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Fair distribution of earnings between artists and writers Eliminating current disconnection of revenue and value that songs generate Collecting and distributing royalties suitably
Transparency
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Automates royalty payments
Based on smart contracts
Use of Cryptocurrency (Ether)
Creating transparent, efficient and more profitable and Music ecosystem
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• Easier to determine the owner of rights • Easier to purchase specific song elements (stems)
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Artist equity trading system # Music streaming/retail website # User friendly front end aimed at the masses # Buying and trading of Notes of any artist. You invest in artists you believe in by buying into the token System. Notes are tradable VIP passes into the artist’s world # Creates and sells artistcoins, whose value is tied to the sale of his music
How? # PeerTracks users will spend and earn MUSE_USD, a crypto-currency # Token controlled access # Peer-to-Peer network (called MUSE) database for copyrights, payment systems # The purchase of music (a fan sending MUSE_USD to the band) # The trading of Artistcoins (Snoopcoin for Rihannacoin, or Biebercoin for MUSE_USD)
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# Strives to create an independent music market, on bitcoin blockchain # Released Android application # Music must be uploaded by copyright holder or approved representative # Two-tiered system with two price points, and costs 50c for all new tracks # Once a track enters the ‘Overall Top 100’ its price point changes to $1.00 # Automatically received royalties # U can earn bitcoins by buying and sharing
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Potentialsfor the Music Industry
# Online Notaries Easy to register copyrights (Ascribe) # Transparent & Automated Royalty systemparties can get directly paid for their registered contribution or share (producer, featured artists, songwriters) # More efficient Self-publishArtists can set the rules of how and where their music can be enjoyed, streamed, purchased, licensed, synched. Automated licensing through smart contracts. # New Revenue Models Fans can directly do to support the artist they love (Simplified forms of Crowd Funding & Crowd Investing). Fans can be remunerated for the promotional work they do for the Artist
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It’s like 1990 for the Internetwe don’t know how this will pan out but the future is likely to be much more #decentral
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