Leveraging Blockchain Technology to Alleviate Problems of Music Industry
J. N. Benedict, H. D. Zafar Sadik, Sivaram Krishna, P. Vishva Prasad · 2023
The transition from sales to streaming began with the debut of Spotify, and the context of income-generated streams in the music industry has been sporadically examined. The music that artists have produced has greatly enriched people's lives. Despite the industry's record-breaking earnings, musicians are concerned about the reduced royalties they receive. When artists release their works, the majority of people download and reproduce them, raising copyright concerns as well as issues with music sharing. Furthermore, it is getting harder and harder to comprehend how royalties are calculated in the music business. This will have a hugely detrimental effect on the passion and motivation of artists. This article analyses fundamental problems in the music industry and suggests a solution that tries to address these problems. The solution uses a smart contract to quickly and effectively pay musicians' royalties by keeping music-relevant information on the blockchain network. Our solution makes it easier for copyright income to be awarded to artists, which will aid in preventing the illicit uploading of music to other platforms.