How the Bitcoin Blockchain Could Change the Music Industry
A company called Ascribe has developed a Bitcoin Blockchain that empowers musicians as well as other creators to manage the copyright on their intellectual property. This is an intriguing technology that will help musicians protect their work in a digital context. Yet the question looms: will a significant number of musicians adopt the Bitcoin Blockchain technology?
How Bitcoin Blockchain Works
Anyone who is familiar with digital technology knows that just about every form of digital art can be duplicated and/or transferred with a few mouse clicks. Ascribe protects against the duplication and transfer of music as well as other artistic creations. To use Ascribe, an artist must register and proceed to claim ownership of his music creations. Once he claims valid ownership, he can then exercise control over the specific digital files that he has uploaded. Officially referred to as the the Ascribe Ownership Registry, this technology is commonly referred to as Bitcoin Blockchain. It facilitates the management of digital rights on a user friendly platform.
When a musician uploads his music to the Ascribe Ownership Registry, it is assigned a distinct identifier (known as a crypto-ID) and is forever tied to its creator. The “title” of each song or album uploaded to this Blockchain is automatically time stamped. Bitcoin Blockchain is a relatively new technology and music industry insiders are wondering whether artists will jump on board and upload their music onto the Ascribe Ownership Registry. It is reasonable to assume that if a handful of “big name” mainstream artists upload their music to the registry then others might follow suit.
The Protection of Ownership Rights
Many industry insiders believe that the time stamped crypto-ID provided by Ascribe’s Bitcoin Blockchain will appeal to musicians because is effective in the battle against others’ copyright claims. In essence, this technology is similar to an author or painter creating a novel or painting, sealing it in a postal envelope and mailing it to himself without opening it. The post stamp equates to a time stamp. As long as the creator receives the envelope and does not open it, the time stamp functions as a timeline of the art’s creation. Ascribe’s Bitcoin Blockchain is replicating this process in a high tech digital manner that just might change the music industry’s landscape.
Ascribe is banking on the fact that once a musician uploads his content to the Blockchain ledger, it will remain there for eternity and result in prolonged sales. Ascribe is responsible for verifying and protecting each piece of intellectual property that is uploaded to its platform. The entire Ascribe Bitcoin Blockchain database is available to the public without exception. Anyone who wants to purchase a song or album simply accesses the respective unique link to verify the music’s legitimacy. In a nutshell, Bitcoin Blockchain essentially empowers a musician to share his music without losing any of his ownership rights.
Can it Succeed?
There is no doubt that Ascribe’s platform is a powerful tool that has the potential to alter the music business as well as the business of art. Yet the challenge lies in convincing musicians and other artists to actually engage with the platform. The Bitcoin Blockchain concept is not an easy one to explain or understand. Those who invest the time to comprehend exactly what this technology does and how it can protect their music will likely be receptive.