Role of Blockchain in the Music Industry
V. Srividya, B.K. Tripathy · 2022
In recent years, most data on users is available on the internet, which can be the user’s credentials, the transactions they make, or any message they send to one another. The security of this data is a major concern. In 2008, Satoshi Nakamoto invented the blockchain to manage the cryptocurrency bitcoin. Blockchain technology was used to secure and streamline the transactions that occurred online. Blockchain, being a recent technology, has many domains of application, such as risk management, anti-money laundering tracking systems, secure sharing of medical data, security of personal identity, supply chain and logistics monitoring, real-time IoT operating systems, and so on. This chapter aims to focus on the use of blockchain technology and how it would help the music industry, saving them billions of rupees by modernizing the rights and royalties process. A blockchain-based platform for the Indian music industry is also proposed in this chapter.