Will Musicians Soon Be Earning Money On the Blockchain?

A lot of people say that musicians don’t earn a lot of money if they are not under the wings of a successful production company that can propel them to stardom and help them earn millions of money from their music. Other factors that hinder them from earning money are piracy and copyright issues, among others. But industry people are leaning towards blockchain technology that can be of big help to musicians to help them earn money, even if they are not in contract with a big wig company.

Quicker payments

If a musician’s music is used by other people for a variety of purposes, royalty fees must be paid. But sadly musicians must wait months, even years, for these fees to be paid. This is due to complex copyright issues that can also be resolved by blockchain technology. In the copyright information is easily accessible and the terms are met, then payments for royalties can be directly deposited into the musician’s bank account at once. There will be no more living off of stale bread until the royalty fees are paid.

More accessible copyright information

Blockchain technology allows musicians to make copyright information available to anyone who is interested in their music. Licenses, agreements and whatnot can be a complex situation. By employing blockchain technology, a detailed database can be accessed by interested parties and updated regularly to prevent any issues that can hinder the flow of transaction between the musician and the interested party. Of course, the other party will want to nit-pick every license, agreement and contract before agreeing to pay royalty fees for the use of a particular music.

Internet technology has gone a long way since it was first introduced. The music industry has benefited a lot from developments, from apps and software for creating music to improving the workflow processes of the financial aspect of the industry. Musicians can now offer their music to people without being robbed of the rightful fees and money due them. They can just focus on making great music instead of getting problematic when the royalty fees will arrive in their bank accounts.