Andreas Martin-Lopez, former project manager for Universal Music has recently raised over a million dollars for Blokur, a rights management firm for music, thanks to his developing affiliation with the Ethereum blockchain network. Martin-Lopez has led a successful career driven by his passion for music and is now going the extra mile to make sure that copied music and copyright issues are dealt with through the introduction of this service.
Pirated music and download from illegal sources is fair game for listeners because they literally have to pay nothing for the entertainment they are getting, but it significantly affects musicians who are trying to find commercial popularity in different sections of the world. The fact that an entire country has access to music with copyrights means that an entire channel of deserved pay is blocked out for the musician, and that is what Andreas Martin-Lopez kept in mind before making the decision of incorporating his information databases with a reliable blockchain network like Ethereum.
How Does Ethereum Help Solve The Problem?
The Ethereum blockchain network provides the convenience of having all fields of data entries updated and encoded every second of the day, meaning that they can only be accessed by the parties who are part of the network. Further benefits include the following:
- Minimal chances of data hacks exist due to the inherent nature of the blockchain;
- Transactions cannot be formalized without the consent of the existing members, meaning that all steps require mutual agreement;
- An intermediary of liquid cash is no longer needed because the dealing is done using digital currencies.
What Does This Mean For The Future of Ethereum?
A blockchain-based network goes a long way in automating and decentralizing the distribution of music, which means that the process of globalization is also likely to increase with this integration of technology into everyday life.
As far as hardworking musicians are concerned, they can rest assured that using Blokur they can get their cut of sales without paying the middle man.