The blockchain-based music startups are coming thick and fast now: the latest is Paperchain, which we spotted yesterday.
The company is focusing on standardised metadata collection, storage and reporting for the music industry using blockchain tech.
“By creating a standard data format, Paperchain becomes a single source of truth for song metadata and rights reporting,” claims the company on its website.
“When a user plays a track, Paperchain runs the platform metadata against the database for validation. The song will only play if the metadata lookup returns a match. Transaction logs are made available to collection societies for royalty reporting.”
The Australian startup is using smart contracts on the Ethereum blockchain platform for its service.