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Blockchain in the Music Industry

revenue from streaming is given to the artists and contributors. The model used by

this platform is known as a universal basic income (UBI). UBI makes sure each

contributor is rewarded as per their contribution to the music. Payments are directed

using the smart contracts concept.

Every time a song is streamed, based on the pay per play concept, a specific

amount is provided to the contributors of the song. Suppose a song has three con­

tributors; their payment is distributed based on their percentage of contribution to

creating the song, as shown in Figure 9.8.

The users of the Musicoin are allowed to tip the musicians with the Musicoin cur­

rency. This can be done only when the user buys a bitcoin and gets it converted to

Musicoin at the cryptocurrency exchange.

9.15  PROPOSED SYSTEM FOR USING BLOCKCHAIN

IN THE INDIAN MUSIC INDUSTRY

As discussed, a lot of income in the Indian music industry is obtained from stream­

ing or downloading music. Streamlining the procedure using blockchain technology

FIGURE 9.8  Musicoin working procedures.