- Transparency 
- Efficiency
- Listener Support
- Equitability for Artists
- Community Building 
- More Reliable Royalty Payments

Benefits of Blockchain on the Music Industry

OMI is an initiative led by the Berklee College of Music Institute for Creative Entrepreneurship. Their mission is to advance creation of open-source standards and innovation related to music. They're an open-source protocol to uniform identification of music right holders and creaters.They paired with a globally renowned firm, IDEO, that facilitated a summer lab based around cataloging DJ mixes, compensating musicians, identifying individuals for contributions to single tracks, and commercializing mixtapes built from original material.

Open Music Initiative (OMI)

The internet has already begun completely rearranging the music industry by making streaming services that are becoming far more popular than records and CDs. The supply chain between the many entities of the industry still has a lot of room to improve through blockchain technology.

University of Minnesota - Twin Cities

- Financial Services
- Insurance
- Government
- Supply Chain Management
- Healthcare
- The Internet of Things (IoT)
- Web3
- DeFi
- Music Industry
- Land Registration
- Business
- Video games

Blockchain Use Cases

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326823

The Blockchain Technology on the Music Industry

Businesses can use blockchain technology to reduce transaction disputes. This is because all transactions are stored and cannot be edited. It can also be more timely than other forms of transaction.


Financial Services

Blockchain can help governments with forgery and other identification issues. It can also help governments track the allocation of spending. 


Government

Supply chain information could be made public to those involved, offering more transparency. It can also reduce the time needed to identify issues in the supply chain.


Supply Chain Management

Health care records could be stored on the blockchain to provide quick and tamper-proof information. It can also contribute to medical research by giving medical professionals access to more data. 


Healthcare

Shipments can be tracked more easily and are less prone to being lost. It can also increase the efficiency of the IoT. It can do this by bringing together the many parties involved with a single transaction. 


The Internet of Things (IoT)

The so called third generation of the internet where it will be rebuilt on decentralized protocols by using blockchain technology. Web3 allows for fully native internet businesses that create and distribute digital content.eee

Web3

DeFi or Decentralized Finance is financial infrastructure built on blockchain. It is based on open protocols and decentralized applications. Smart contracts serve as the backbone of DeFi. Overall, it is much more open and transparent than traditional financial services. DeFi offers financial instruments without relying on central financial institutions such as banks and brokerages.

DeFi

Music Industry

Dapps are decentralized apps, they behave like traditional apps with similar functionality with the difference of running on a peer-to-peer network, such as a blockchain.

Dapps

As a shared digital ledger that creates an immutable record of transactions, blockchain is ideal for tracking the provenance of goods. It enables trustworthy shared information among suppliers that may not trust each other. It enables a group of independent entities, which have their own interests and information to protect, to share a common platform that holds information of common interest.

Blockchain for Business 

+ Encrypting personal identification IDs and allowing citizens to access this information.
+  Individuals can be in control of their digital data and the way in which it is utilized by different parties.

Personal Identity Protection

+ Transparent governance
+ Reduces complexity and the number of intermediaries involved
+ Faster processing
+ Lower capital requirements
+ Reduced risks of fraud, counterparty and human error

Trade Finance

Enabling secure, efficient payments in cross-border transactions by removing the need for intermediaries. Multiple organizations are taking advantage of blockchain to enable cross-border transactions

Cross-border transactions

+ Accessing a single source of truth easily.

+ Transaction validation and trasparency

+ Improving the data security 

Investment management

Decentralized Autonomous Organizations (DAOs) are decentralized online organizations whose members have the ability to collectively decide how the organization should allocate its funds. They use blockchain technology to enable members to vote on the organization's decisions rather than relying on a traditional hierarchical structure. 

Decentralized Autonomous Organizations (DAOs)

Insurance claims could be written into smart contracts that automatically determine the payout of a claim. This can allow customers to be paid faster.


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