The latest industry body to hail blockchain technology as having potential for music is the Featured Artists Coalition (FAC).
It has co-authored a report called ‘Music On The Blockchain’ with Middlesex University researchers, which attempts to explain how the technology works, and outline practical next steps for the music industry to take advantage. “If Blockchain technology can help the commercial and contractual relationships in music keep pace with technology and the communication between artists and fans then it could be truly revolutionary,” said Pink Floyd’s Nick Mason – FAC’s co-chair. “This report is a valuable contribution and I hope it can help inform the debate and take us forward.” The report focuses on the potential for a single, networked database of music rights information; “fast, frictionless” royalty payments; more transparency on how money flows to artists and managers from digital services; and the possible use of “smart contracts” for crowdfunding and “the establishment of artist accelerators on the model of tech startups”.
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In the year or so since its launch, AI startup Kaiber has been making waves,…