Three of the world’s biggest and most notable collection societies are joining forces for an epic project in the music industry. ASCAP, PRS and SACEM are collaborating to create their very own blockchain for copyright management.
Blockchain, though a fairly new concept in the music tech world, is unraveling itself as more than just an idea, but a tangible system that could revolutionize how the music industry detects and manages copyrights.
what exactly are they doing
The three companies are collaborating to create a blockchain-inspired system that matches music recordings with song compositions. SACEM’s CEO, Jean Noël Tronc, describes the project as “creat[ing] a decentralized database of musical work metadata with real-time update and tracking capabilities.”
Once artists disseminate their created content online, it instantly allows everyone on the internet to have access to it. With the rise of digital channels, it has become extremely difficult to monitor which songs are being used illegally; the notion of reporting “real-time” in the digital marketplace can catch copyrighted material immediately and with the most accuracy.
the role of digital scarcity
Digital scarcity is another technique blockchain is using to eliminate music copyright. By making the work itself a “digitally scarce object,” only a certain number of copies exist on a given blockchain. Essentially, content creators will hold a private key to access their digital creations, and any outside party will have to gain access to the works from the owners themselves through this blockchain system. It is almost like redeeming a gift card online with a code — once the code has been used, it is no longer valid, which prevents replication and future fraud of the card.
artist benefits of this new system
Blockchain’s main attribute is that it proves authorship of a content creator’s work; this legitimacy will always be traced back to the original creator. Artists will, therefore, get paid more for their music, since it is more readily traced back to them. Since the blockchain technology allows techies to quickly catch copyrighted music, they can shut down the piracy immediately and redirect revenue to the right person.
This fascinating new technology breakthrough could be the final straw in eliminating music copyright altogether. With data already backing up its benefits and showing innovation in the music industry, we can’t wait to see what the future of blockchain holds.
(Photo courtesy of Bitcoin)