There has been a surge of discussion in recent weeks about whether blockchain technology could be part of the drive for more transparency in the way digital music services’ payouts make their way to artists and songwriters.
A report by Rethink Music pitching a role for blockchain tech and cryptocurrencies ignited the debate, while interviews with musicians Zoe Keating and Imogen Heap have emphasised that some musicians are already getting to grips with the implications.
A blockchain is a public record of all transactions that have ever taken place in a cryptocurrency like bitcoin. A new ‘block’ is added roughly every 10 minutes, listing all the transactions taking place during that time, with any change to the database requiring the support of more than half the currency’s users, for security purposes.
It’s the engine of cryptocurrencies like bitcoin, but could it really have an impact on music? Music Ally has been canvassing opinions for our latest (subscribers-only) report, and thought it was worth giving two contributors’ views a wider airing in front of our paywall, to continue the debate.