145
9 Role of Blockchain in
the Music Industry
V. Srividya and B.K. Tripathy
9.1 INTRODUCTION
In today’s world, the amount of data created and shared over the network has grown
from terabytes to zettabytes(ZB). Every minute, around 480,000 tweets are con
structed, 4.7 million videos are viewed, 400 new users are created on Facebook,
60,000 images are uploaded on Instagram, 200 million emails are sent and 4.2 million
search queries are processed (NodeGraph, 2020). The amount of data available on
the digital universe has been reported to be around 2.7 ZB as of 2017. The data being
addressed here is created, captured or replicated but is not being stored.
CONTENTS
9.1
Introduction................................................................................................... 145
9.2
Blockchain..................................................................................................... 146
9.3
Bitcoin............................................................................................................ 149
9.4
Fundamental Technologies of Blockchain..................................................... 149
9.5
Operations Involved in the Working of Blockchain......................................150
9.6
Properties of Blockchain...............................................................................150
9.7
Applications of Blockchain Technologies.....................................................150
9.8
Introduction to Music Industry...................................................................... 151
9.9
The Music Industry Supply Chain................................................................. 152
9.10 Digital Streaming of Music and Its Impact on the Music Industry............... 153
9.11 Making Money from the Album................................................................... 153
9.12 Impact of the Internet on Monetization in the Indian Music Industry..........154
9.13 Blockchain and Music Industry.....................................................................156
9.14 Companies That Used Blockchain for the Music Industry............................156
9.14.1 Mediachain........................................................................................156
9.14.2 UJO.................................................................................................... 157
9.14.3 CHOON............................................................................................. 158
9.14.4 Open Music Initiative (OMI)............................................................. 158
9.14.5 Musicoin............................................................................................ 158
9.15 Proposed System for Using Blockchain in the Indian Music Industry.......... 159
9.16 Conclusion..................................................................................................... 161
9.17 Future Scope.................................................................................................. 161
References............................................................................................................... 161
DOI: 10.1201/9781003138082-9