Digital Asset And Payment System - 1597 Words

Introduction The music industry is historically very slow in adjusting to the technological innovations. The idea of the internet currency has been around for 7 years (Davis, 2011). Despite its ups and downs it managed to attract attention of leading economists and businessmen around the world and created new opportunities in the variety of industries. Recently, Bitcoin, the most popular digital asset and payment system, along with its public ledger Blockchain started being considered as a remedy for the music industry. The upcoming global discussion is inevitable as the idea of engaging both of these developments gets wildly spread by its early evangelists from the industry, both professionals and artists. One of the most active representatives of this movement is a CEO and Co-Founder of Pledge Music, Benji Rogers, whose article on possible utilisation of blockchain in a new music format became a popular piece among industry professionals and gave him an opportunity to present the idea at the renowned music and technology conferences. He claims that with a proper usage of the blockchain, online music platforms would be more efficient in providing royalties to the artists due to minimum viable data attached to each file, while artist would be able to track usage of their song and revenue from them in real time (Rogers, 2015). Imogen Heap, a singer and producer, tried a similar approach for the release of her single â€Å"Tiny Human† (Bartlett, 2015). The experimental releaseShow MoreRelatedThe Contribution Of The Creation Of Money Essay1665 Words   |  7 PagesMillennials are accustomed to a digital world and most likely will experience the transition from paper money to digita l money. 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