Joseph Lubin tweeted yesterday about Ujo Music, a platform that uses Ethereum Network to create a transparent and decentralized database. Lubin’s tweet registers how blockchain is empowering the music industry and is a meaningful collaboration that matters to musicians.
Ujo Music is a ConsenSys Spoke. This platform uses the Ethereum blockchain as the substratum for innovation in empowering artists, digitizing their music rights and metadata, sharing this information in an open environment.
Ujo’s vision is to allow the music creators to grow and thrive independently. It also looks at enabling new products, application, and services that help license their catalogs and remunerate artists directly with minimal friction. Their website mentions:
“We are aiming to enrich the lives of artists and fans through a shared love of music, and excitement for the potential of decentralized technology.”
Ujo’s blog on Medium mentions how “blockchain” can help “musicians”.
Digital Masters: With Digital Masters, a digital recording or another digital asset preserved as the “original” for the purpose of archival storage, reuse, and re-expression, musicians can directly sell their music to customers without the intermediaries [labels or publishers]. This also helps create a better relationship with the musicians and their fans.
Independence: With the use of blockchain, musicians become more independent, away from major labels. They stand as the ultimate owners who can have the independence to track everything and supply anything.
Royalty Payments: Any time a song is streamed on the radio, at events, or online, the rights owners should get a fair share of royalty.
Transparency: The usage of Blockchain makes the system transparent and hence the payments are streamlined and are also efficient. Transparency in terms of usage tracking on different platforms.
Smart Contracts: It is where the terms are public and eliminates the third-party intermediaries making the whole system faster and cost-effective.
Content Control: Musicians have complete control and access to what they make.
There have been past instances where musicians have had the idea of adapting blockchain. Musician Imogen Heap earlier this year unveiled “Mycelia project” which aims to use blockchain technology to resolve some long-standing music industry problems.
Other examples of platforms which are taking the lead to adapt blockchain are Musicoin and Spotify.
Ujo Team mentions:
“Platforms like Ujo are working hard to bridge the gap between musicians and listeners by creating a transparent and effective system through the use of the blockchain technology for music lovers and creators globally. While there are still many challenges to overcome, Ujo represents change.”
The post Ethereum [ETH] and Blockchain sets its tune in sync to empower music industry appeared first on AMBCrypto.