PledgeMusic founder Benji Rogers has been one of the most prominent executives talking about the potential impact of blockchain technology on the music industry.
He’s not just been talking, though: On or around 22 August, Rogers’ Dot Blockchain project will make its debut in alpha form, he has revealed in his latest post on Medium.
“Since November 24, 2015 we have journeyed together from a rather obscure idea about a new music codec containing a Minimum Viable Data Set that would create a globally distributed database of music rights to an open source architecture and user interface, a Github repository, and a working alpha version of the App. It’s second incarnation sits on my desktop as I type this,” wrote Rogers, who had outlined his initial plans on Medium, sparking broader industry conversations.
“For the music industry skeptics reading this, I have been stunned by the generosity, time, willingness to engage, and overall positivity that this idea has received,” clarified Rogers, revealing meetings with labels, publishers, collecting societies, trade bodies and digital services.
“Not only has this idea met with almost no resistance, but these meetings have often resulted in offers to help and participate.”
What’s in the Dot Blockchain alpha? “What will be released late this month will be our first stab at a set of the rails upon which much of the digital music trains will be able to run,” explained Rogers.
“A way of working with the raw data of music that will allow for not only the birth of a globally distributed database of ownership rights, but also the trains and engines that will allow fast and fair commerce to scale for all who participate in the system.”
Full details can be found in his post.
Meanwhile, for anyone still wondering whether blockchain technology will be niche or mainstream in the wider scheme of things, there’s an interesting report from the World Economic Forum that firmly backs the latter scenario.
“Rather than to stay at the margins of the finance industry blockchain will become the beating heart of it,” wrote the WEF’s head of financial services industries Giancarlo Bruno. His report suggests that 80% of banks could start ‘distributed ledger’ projects in 2017.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!