Revolutionizing Digital Music Through Blockchain
In the old days, kids who wanted the newest albums had to get on a bike and ride to the record store to find them. These days, with the digital music revolution, kids have access to the newest music with the push of a button. However, the digital music industry is now a hulking behemoth.
After the early days of Napster and other small services, enterprise-level companies began to see the potential, and created digital music platforms that have revolutionized how music is distributed. Companies like Apple and Spotify offer monthly subscriptions for music streaming, and are creating huge profits from the musicians who make the music.
But all of that is about to change.
Suddenly, there’s a new technology emerging that will likely turn the current market on its head.
Blockchain technology, or distributed ledger, is a distributed database which virtually eliminates risks associated with hacking and security. Blockchain, in effect, replaces the centralized management hub of a business model, creating a decentralized management and distribution network. Effectively, blockchain provides a place where management can be outsourced and replaced by technology. Blockchain is everywhere, and is certainly here to stay.
Blockchain for Music
Nowhere is this link between decentralization and monetization more clear than in digital music. Artists and fans are currently linked only through major music hubs that take profits from artists and charge fans huge fees for access. Smaller name artists suffer and are unable to make a living producing music, and big name artists give up much of their profits to the centralized management. Plus, playlist makers who, according to research, drive much of the profit on digital music sites, are never compensated for their hard work and research.
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One company, OPUS, is seeking to change this structure by introducing blockchain based music streaming. Their system, which incorporates four-layer technology, creates a global ledger with all the music that has ever been uploaded. This layer of music is accessible anytime, anywhere, and songs that have been purchased are always available for listening or downloading.
The system is completely transparent, and all transactions are forever available for public view on the Ethereum blockchain. Further, Opus takes no profits, so that 97% of the money received goes directly to the artists. Simply put, the system is designed as a funnel to move funds to the artists who create the music, rather than strip profits out of the system via centralized management. For fans and artists alike, this design allows for greater access to more music in simpler ways.
Finally, the database is designed so that a user can build a simple player and have access to all the music on the OPUS database. There is not location control or content control, and the entire system is censorship-resistant, simply by the nature of the distributed ledger.
Taken together, the platform is designed to put an end to large-scale costly digital music hubs by decentralizing control and management. Apple music, iTunes, Spotify and others may have seen the last days of their market. The OPUS system already has well over 100,000 listeners, and is growing rapidly.
Crowdsale has Begun
For those who think this is the next big thing, the company has issued a crowdsale, or a means of funding the enhancement of the platform. Investors can purchase OPT, the digital currency used to purchase songs and content on the platform, using Bitcoin or Ethereum. Once purchased, the OPT can be kept in digital wallet and used forever by the user. Phase 3 of the sale ends in 9 days, so it makes sense to find out more.
While the days of having to get on a bike to get the latest albums are long gone, OPUS has created a system that allows artists and fans to find each other in simpler, cheaper, and faster ways than traditional digital music systems. The blockchain technology underlying this system is allows for decentralized management, and therefore savings for both artists and listeners. The music industry will never be the same.