Music NFT

Music in the Digital Age: Revolutionising with Blockchain

Music in the Digital Age: Revolutionising with Blockchain

The music industry is evolving fast. The rise of streaming services has meant that artists can now reach more people than ever before, but it’s also created lots of problems. The biggest? The revenue generated by streaming is low, and it’s shrinking every year. In many cases, artists are still being paid less than in previous years. That’s because the infrastructure for streaming music is built on top of an old model: a centralised system where all the power is held by a few large companies that control how money flows through the system. That means there are lots of places where things can go wrong—and often do—causing artists to lose money and get ripped off by middlemen.

This isn’t just bad news for musicians; it’s bad news for fans too. It means less money goes into creating new music, which means fewer albums being released each year. And while there have been many changes, including the move from physical to digital media, one thing that hasn’t changed is the way musicians are compensated for their work. That’s where blockchain comes in.

Blockchain-based music streaming services

Blockchain is a distributed ledger technology, which allows users to access an encrypted database without having to trust any central authority or third party. This means that no one person or entity can control what information is added to the blockchain—it’s decentralised and accessible to anyone who wants to use it.Blockchain can be used as an intermediary between artists and fans, cutting out middlemen like record labels and streaming services while making it easier than ever before for consumers to support their favorite artists by purchasing directly from them. In light of that, we’ve assembled a list of some of the leading blockchain innovative companies that are already making waves in this emerging industry.

Digimarc

Digimarc helps artists and other intellectual property holders license their work by integrating blockchain into its technology. Digimarc Barcode is a music-recognition technology that connects to metadata and provides information about where the song came from and how often it was played. Digital watermarking technology works with most music files and gives rights holders a more detailed view of their assets.

MediaChain

MediaChain, acquired by Spotify in 2017, is a peer-to-peer database that lets users share information across different applications and organisations. It issues unique identifiers for each piece of information, ensuring that the data is organised in an open-source fashion. The company also works with artists to ensure they are paid fairly by issuing smart contracts stipulating royalty percentages without confusing third parties or contingencies.

Royal

Royal is a platform where listeners can purchase a percentage of a song’s royalties directly from an artist. Once an artist decides how many royalties to sell, Royal users can buy these rights as NFTs. Royal enables transactions with a credit card or cryptocurrency and creates wallets for those who do not already have them.

Mycelia

Mycelia is a collective of artists, musicians, and music lovers looking to empower creatives in the music industry. Each song on the company’s Creative Passport contains information about who contributed to it and how they are compensated, so all contributors are treated fairly.

Zora

Zora is a protocol for creators to sell their work as tokens. Unlike an ordinary NFT marketplace, where copies of an original are sold over and over, Zora offers a model in which an original NFT is accessible to anyone and sold repeatedly. Artists will continue to earn a portion of the sale price every time their NFT is sold, so they’re compensated for their work even after it has been released into circulation.Typically, blockchain technology is nascent, but explosive area of tech and is on track to revolutionise the way business is conducted, which is why it’s so important that innovators in the music industry utilise this technology. This will ultimately lead to reduced costs while increasing security and transparency in the way music rights are managed within the industry.Are you an artistic enthusiast? Learn more from us at: info@dna-consultancysolutions.co.ukImage Source: Adobe Stock

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

What is blockchain? How can it be used? How does it work?

What is blockchain? How can it be used? How does it work?

Blockchain technology isn't a fad. It's the future. But what is blockchain technology? And how can it be used to shape the future of the world economy?

Should you trust blockchain? A tough question indeed. Though it was first invented by Satoshi Nakamoto and aimed at providing a decentralized currency, the technology has since evolved and is now being used for so much more. If you're new to blockchain, keep scrolling.

What is a Blockchain?

A blockchain is a growing list of records called blocks linked and secured using cryptography. Typically, each block contains a hash pointer as a link to a previous block, timestamp and transaction data. Blockchains are secure databases linked together in a chain of digital transactions that are resistant to modification.

Blockchain is the technology behind bitcoin, but it does much more than store cryptocurrency. It can be used to track other forms of value, from money to votes to shipping documents. The blockchain is a distributed database that keeps a continuously growing list of ordered records called blocks.

How Does Blockchain Work?

We have already seen that blockchain is a decentralized digital ledger technology that records transactions securely and transparently. In a blockchain, every transaction is verified and added to the chain of previous transactions, creating an immutable and transparent history of all transactions.

Below a simplified explanation of how a blockchain works:

  1. A transaction is initiated: When a user initiates a transaction, it is broadcasted to the network of computers connected to the blockchain.
  2. Verification: The nodes verify the transaction using a consensus mechanism, which can be Proof of Work or Proof of Stake.
  3. Adding to the block: Once the transaction is verified, it is added to a block along with other verified transactions.
  4. Hashing: The block is hashed using a cryptographic algorithm to create a unique digital fingerprint that identifies the block.
  5. Chain of blocks: The hashed block is added to the previous block, creating a chain of blocks stored on every network node.
  6. Immutable record: As each block is added to the chain, it creates a rigid record of all the transactions on the blockchain.
  7. Distributed ledger: Since the blockchain is distributed across the network of nodes, it is transparent, secure, and resistant to tampering.
  8. Incentives: Depending on the consensus mechanism used, users or nodes on the network may be incentivized to participate in verifying transactions and adding them to the blockchain.

As seen above, blockchain technology provides a way to securely and transparently record and verify transactions without a centralized authority. This has led to its use in various industries, including finance, healthcare, and supply chain management and by extension, institutional investors.

What are the Pros and Cons of Blockchain?

Blockchain technology is an exciting new development in the world of finance and business. It has several advantages and disadvantages, each worth considering:

Advantages:

  1. Security: Blockchain technology uses cryptographic algorithms and decentralized distribution to ensure the security and integrity of transactions, making it highly resistant to hacking, fraud, and tampering.
  2. Transparency: Since blockchain technology is distributed, every node in the network has access to the same information, making it highly transparent and trustworthy.
  3. Efficiency: Blockchain technology eliminates the need for intermediaries, reducing transaction costs and speeding up the transaction settlement process.
  4. Immutable record: Every transaction added to the blockchain is permanent and cannot be altered, creating an immutable record that can be used for auditing, compliance, and other purposes.
  5. Decentralization: Blockchain technology eliminates the need for a central authority, making it a highly democratic and autonomous system.

Disadvantages:

  1. Complexity: Blockchain technology requires significant technical expertise to build, operate, and maintain.
  2. Scalability: Blockchain technology can be slow and resource-intensive, making it difficult to scale for high-volume transactions.
  3. Energy consumption: Proof of Work consensus algorithms, which are used by some blockchains, require significant amounts of energy to operate, making them environmentally unsustainable.
  4. Limited regulation: Blockchain technology's decentralized and anonymous nature makes regulating and enforcing legal compliance challenging.

As the world becomes more digitized, blockchain technology is considered the next big thing to revolutionize how we do things. This article offers a glimpse of what it's all about and how it's already transforming how businesses do things.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cryptography

Explaining the Cryptography Behind Cryptocurrencies

Explaining the Cryptography Behind Cryptocurrencies

Due to the decentralization of cryptocurrencies, bitcoin and Ethereum have really gained popularity. This is due to its secure nature, which supports peer-to-peer architecture, making it possible to transfer funds and other digital assets between two users. Interestingly, all this happens without a central authority.

Just how do these automated cryptocurrency systems ensure that all these transactions are processed diligently and with ultimate authentication, without any intervention? Below we discuss the backbone of cryptocurrency.

The 'Crypto' in Cryptography

In simple terms, the word crypto means a concealed secret. Cryptography means secret writing, in other words, the ability to exchange messages that the intended recipient can only interpret. Depending on the user and configuration, the cryptography technology can use a pseudo or full anonymity vis a-vis cryptocurrency’s cryptography, guaranteeing full security and protection from the central authorities among participants.

Cryptography technology has several uses. It can be used for various transactions occurring on a similar network. It also controls a generation of new currency units. Cryptography technology also comes in handy for verifying and transferring digital assets and tokens. Like a signature, cryptography ascertains or requires authentication upon user data access, and transactions amongst participants in that others should verify that it only belongs to you. It should be counterfeit-proof such that it can't be forged and it should be binding because you cannot withdraw a commitment once it is signed.

Like a physical signature, cryptography uses complex mathematical codes to safely store and transmit data values, guaranteeing that only the intended recipients of the data or transaction can access, read, and process the data.

How Does Cryptography Work?

How convenient does it feel receiving radio signals in your car? Accessing several streams that allow you to broadcast on several channels, which is public knowledge. And while you are at it, think about the communication levels amongst soldiers on the battlefield. This form of communication will be secure and encrypted. It will only be received by the intended recipient or participants instead of being open to the whole world, unlike broadcasting channels. Ostensibly, cryptography in cryptocurrency works in the same way. Definitely, a cup of tea for privacy lovers.

Simply put, cryptography is a technique used to send and secure messages between the sender and receiver using a type of key and encrypted algorithm on both ends. The receiver decrypts the information to generate and access the original message. Encryption is the most crucial aspect of cryptography in that, it makes the message, data and information inaccessible to an unauthorized recipient or reader.

Cryptography, the science of encoding and decoding messages, has inspired several tools that find use in cryptocurrency. Cryptographic functions such as hashing and digital signatures form an integral part of bitcoin processing--even if bitcoin itself does not directly use hidden messages.

Cryptography Methods Applied in Cryptocurrency

Cryptography is really important for keeping cryptocurrencies secure and private. There are several methods that cryptocurrencies use to keep transactions safe:

  1. Public key Cryptography (PKC): This method uses both public and private keys to encrypt and decrypt data. Each user has a unique set of keys to sign and verify transactions.
  2. Hash Functions: These functions create a unique digital "fingerprint" of data to ensure that transactions are authentic and haven't been tampered with.
  3. Elliptic Curve Cryptography (ECC): This method uses elliptic curves to create public and private keys and is faster and more secure than other PKC methods.
  4. Ring Signatures: These digital signatures allow users to sign messages as part of a group without revealing who signed them. Hence, protecting users' privacy.
  5. Zero-Knowledge Proofs (ZKPs): These proofs allow one party to prove something to another party without revealing any other information. This is used in some cryptocurrencies to hide transaction amounts and addresses while verifying the transaction's validity.

We hope you found this useful. For more information on crypto, please chat with us today at: info@dna-consultancysolutions.co.uk

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.