A very interesting initiative is beginning in the music industry. It is a move to transform music data distributed through download site etc. by “block chain” technology used in bit coin and so on.
What is ” block chain ” ?
Block chain is a technology that creates a network that makes it difficult to destroy or tamper without centralized centralization by distributing data to computers dotted around the world. It is suitable for realizing the transfer of rights among unspecified number of participants without mutual trust.
It is used as a basic technology of cryptographic currency represented by bit coin, sometimes referred to as a block chain, referring to the transaction history of bit coins.
Distributed system that everyone monitors block chains
Block chains are decentralized computer networks that enable a way to reach a credible consensus without centralization.
A distributed system is a technology that creates a network that can not be broken (by not putting data in one place) by placing data on personal computers dotted around the world. If the distributed network is an authentication system, credible consensus can be achieved even if centralization is absent.
In order to stop a distributed system, a meteorite that will destroy the entire earth falls from outer space, or a disaster such as a massive solar wind that will destroy machines of the world at the same time must occur there is.
This is because if you do not break all the PCs that hold the data, you can restore the block chain while duplicating it.
– Genx Notes
As you can see from the above, the virtual currency is only online data. In other words, it can also be applied to distribution of music. Recently, “dotBC” advocated by Benji Rogers of “PledgeMusic” has already been released alpha version in August 2016 last year.
Several other music chain startups using block chain technology are also appearing, but it seems that new fair trade platforms of music appear one after another.
In the world record record music market was once 276 billion dollars (about 2.8 trillion yen) was reduced to about half of 15 billion dollars (about 1.5 trillion yen) by 2015, but the power of new technology I hope borrowing and the market will expand again. We keep checking new attempts by the music industry on a daily basis.