Bitcoin and Blockchain have become music industry buzzwords over the past few months with many players hoping the two will transform the music industry’s payment system from what some deem chaotic and unfair to efficient and transparent.
Imogen Heap has become a spokesperson for these technologies after working with startup Ujo to create an online interface called Mycelia, demonstrating what the new tech could achieve for music.
Her track Tiny Human, released as a digital contract on the page, looks like a spider’s web with every contributor and rightsholder named and one-click ways of buying licenses and samples for the music.
Bitcoin – the cryptocurrency that’s currently a £9 billion industry – is what underpins the blockchain, which verifies and stores the information from transactions happening between people worldwide.
“It means people know that money is being sent and received by somebody in an official way without the use of a centralised system like a bank,” Heap tells Music Ally. “I could pay you directly, do a deal with you about the mortgage of my house, and I could put the data of the ownership of that house or a song in