In a world prized on evolving technology attempting to push boundaries and make the world more a more resilient place, ‘blockchain’ has become a common buzzword. However, most people don’t understand what the technology is, or what it can do for them. And as it applies to MySoundsafe, how blockchain technology is going to revamp the music industry. So, what is blockchain?
In its most simple & common definition, blockchain is an open, decentralized database of every transaction involving value. Value can be anything from assets and cryptocurrency (like Bitcoin), human records, or in our case, individuals’ creativity and music. Blockchain creates a public, transparent ledger, created through peer-to-peer interactions without middlemen, that anyone can access all over the world, and is constantly being added onto. The transactions are stored in blocks of data that are immutable and are replicated on every computer that uses the record, rather than on one central server. Each transaction is validated within the chain, therefore taking away the uncertainty of making a transaction with a person on the other side of the globe without a middleman.
Another benefit to blockchain is that it provides a dated proof of existence for ideas, like a patent. As it applies to MySoundsafe, when an artist logs their music within their account on our website, it timestamps the upload. Once you have verified the validity of the asset, which in this case is your music, entered into the “chain” in the first place, continuity is ensured from then on. If you were to collaborate on or preview this song with another artist(s), and they were to steal your song, you would have legal proof that the song is in fact yours because you logged it within MySoundsafe’s system at a previous, specific time.
MySoundsafe will drastically reduce copyright infringement and keeps your music, your ideas, and your values, protected.
Blockchain is still in its infancy, but once the technology takes off, it has the potential to reshape the way we live and transact, from banking to records to intellectual property. MySoundsafe plans to release a beta prototype of the blockchain product in the fall. In the meantime, connect with us, engage with us, let us what your thoughts are and, together, we will take back control and change the music industry.