In July, the Berklee Institute for Creative Entrepreneurship (BerkleeICE) released a report focused on promoting fairness and transparency in the music industry.
The report’s recommendations included the creation of a decentralized, feasible rights database, and the investigation of blockchain technology and digital currencies to manage and track online payments through the value chain directly to music creators from fans.
Since the report’s release, news has surfaced about startups leveraging blockchain technology to disrupt the music industry.
In an article published August 5, Billboard magazine profiled PeerTracks, which plans to use blockchain technology to develop a kind of artist equity trading system, and Ujo, which is creating a system designed to address two key issues in global royalty distribution and licensing.
PeerTracks president Cédric Cobban explained to Billboard that his company is a “music streaming and music retail platform that allows for fan engagement and peer-to-peer talent discovery.” Slated to