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Blockchain in the Music Industry

9.8  INTRODUCTION TO MUSIC INDUSTRY

Music can be used to describe a person’s traits, as in general, music is about person­

ality. Music has a varied variety of genres, such as pop, folk and culture, hip hop,

devotional, romantic, party, dance numbers, instrumental, RnB, rock, jazz, soul and

so on. Each user has his or her favourite genre of music, which they tend to listen

to in a loop, or depending on their mood at that instance, they may choose certain

genres. Based on these choices, one can identify the state of mind the user is in or

what kind of person he or she is.

Music is something that is listened to all the time, be it while travelling or work­

ing out or cooking, to name a few situations. In short, music plays an eminent role in

one’s life. The industry of music is a global industry, having different forms across

the globe. The next section describes the supply chain of the industry and the roles

of all the stakeholders in the chain.

TABLE 9.2

Properties of Blockchain

Property

Description

Decentralized technology

The network does not have any single agent who controls the operation;

instead, a group of users maintain the network.

Enhanced security

Since the contents of the blocks of a blockchain are encrypted, no

malicious user can easily modify the contents of the block.

Distributed ledgers

The ledger is available to all the users of the network, and the

computational power is distributed to all the computers, resulting in better

yields.

Immutability

Every user has a copy of the ledger with them. Whenever a user wishes to

add data to the ledger, it must be validated by the other users in the

network before it can be added to the ledger.

Faster settlement

The transfer time involved in blockchain is lower compared with traditional

means such as banking.

TABLE 9.3

Applications of Blockchain Technology

Application

Description

Companies that have

implemented blockchain

Secure sharing

of medical data

Works on the concepts of smart contracts that

control the sharing of private medical data

between patients and doctors

BURSTIQ, FACTOM,

MEDICALCHAIN

Real estate

Registering real estate properties using the

decentralized mechanism of the blockchain

PROPY

Finance industry

Transfer of cryptocurrency in a safe and efficient

manner

CHAIN, CHAINANALYSIS,

CIRCLE