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Blockchain Technology

would definitely be an added advantage not only in terms of increased revenue but

also for the stakeholders involved in the industry. Every contributor will be aware

of what happens to their work and how their royalty is calculated. The proposed

approach to include blockchain is shown in Figure 9.9.

Consider that a listener is associated with the application (proposed platform).

Every song the user listens to has its set of creators or contributors. In the scenario

given in Figure 9.9, four stakeholders are directly involved with the song under con­

sideration: The artists such as singers or actors (video song), the song writer or the

lyricist, the music composer and the producer of the song. Using the Ethereum block­

chain technology as a backbone for streamlining the industry, every song that is

uploaded by the artist or the creator is assigned a unique identification number. This

unique ID is used to associate any transaction on that song. Each song is linked to a

smart contract between the creators and the consumer without any external parties.

A digital wallet is also attached to the song. Any payments involving the song are

made through the digital wallet using a personal cryptocurrency called “Mol”, an

Indian term for cost or price. The basic principle used for payment can be Pay Per

Play (PPP). Each song’s “Mol” amount is decided before the artist uploads his or her

work. The fixed “Mol” is distributed to the contributors based on their input while

creating the song.

FIGURE 9.9  Proposed system working.