Startup Dot Blockchain launched the alpha version of its ‘minimum viable product’ to apply blockchain technology to music last year. Now it has announced four deals with music industry companies to further its ambitions.
Canadian collecting society SOCAN and its MediaNet subsidiary, Downtown Music subsidiary Songtrust and digital distributors CD Baby and FUGA are all on board with partnerships that will help get Dot Blockchain up and running in 2017.
“If you’re an artist and you want to put your music into Spotify using a .bc, that’s what CD Baby and FUGA are gonna help you do,” CEO Benji Rogers told Billboard.
“If you want to bind the publishing information, that’s what Songtrust will help you do. And if you want to have a version of the recording to tag and enter that information into a PRO, that’s what SOCAN and MediaNet will help you do.”
The four partners will provide “technical and financial” resources to Dot Blockchain too.
“In putting that first foot down, these pioneering companies are helping us to build and deploy the real-world architecture needed to create a fair, equitable and efficient way for the music industry to work together in the digital rights world,” said Rogers, who at last week’s NY:LON Connect conference claimed that if Dot Blockchain and similar initiatives fulfil their goals “we’ll be at $100bn a year as an industry in two years”.