Blockchain and what it can do for you

You may have heard a lot about Blockchain recently, about how it can revolutionise banking, become “the new internet” and maybe even save the music industry. But what is it exactly, and most importantly, what can it do for you?

 

 

In its simplest terms, Blockchain is an innovative technology allowing the storing and sending data, like money or music, without the need for banks, labels or distributors, in total safety, transparency and without the ability to change past transactions.

 

There are all sorts of complicated programmes and buzzwords floating around, particularly with the Bitcoin currency, which might seem confusing at first but could one day be the norm. Smart contracts, one of the simplest concepts, are contracts that are unbreakable, automated and impossible to edit and can work on the same basis as kickstarter, where if goals are met (eg. your track is streamed/your album is funded) then money is transferred to you, all without a third party middleman. Not only will you get the money instantly, but there will be nobody taking a cut or slowing you down. These contracts mean that rules of ownership can be programmed into albums and money could be routed automatically and proportionally to all rightsholders.

 

The potential for sync placements is massive because of this, increasing speed, accuracy and pay, while also allowing it to contain terms of use and contact details for the copyright holders, making it easier to locate the owners of a piece of recorded music and to create a license to use it.

 

Sounds great (and complex) right? The truth is though, Blockchain as a platform isn’t what will save the music industry. Not on its own at least. What it can do, however, is enable people to create innovative and ethical platforms that update our outdated systems, fix the industry’s problems and make sure every artist gets paid fairly, which is exactly what will save it.

 

Pioneering startups like Younk, who allow fans to invest in tracks, Volareo, whose speakers allow users to tips artists by clapping, or Mycelia, who have developed “Artist Passports” to verify musician identities, are all building an ecosystem where the way artists are paid fairly, properly, quickly and innovatively and have all their data safe.

 

Now, that’s what will save the industry.

 

We’ve teamed up with Musicoin, the world’s leading (and first) music streaming blockchain for an exclusive contest. Musicoin is a platform where each musician receives a Universal Basic Income (in their Musicoin cryptocurrency) for their music, listeners can tip their favourite artists and when a song is played, the artist receives the payment instantly. Basically if Spotify was designed for musicians rather than Spotify, it would look like this.

 

Our contest is open to all Musicoin users (and Musicoin is open to all musicians) and they can submit their Musicoin track links to become one of our Syncr x Musicoin spotlighted artists. So when you sign up, you’ll get paid, as we listen, you’ll get paid, and if you’re on of our three favourites, you’ll get paid a share of 10,000 Musicoins!

 

Head over to the https://www.syncrmusic.com/job/syncr-x-musicoin-competition/ to find out more.

 

Blog