Homework 6 You're a blockchain consultant! Come up with a dApp idea or blockchain use case. 1. Brief Description of Problem Statement With steady growth of the music streaming market (48 billions in cumulative revenue by end of 2018 according to ABI Research), the music industry is still facing the same problem, artists, songwriter and musician, especially the upcoming and the lesser-known ones, only receive a very small portion of the total revenue generated from their work because most of that revenue is consumed by intermediaries, the same entities who claim to represent their best interests. Getting paid in the music business is complicated, from the way royalties work on recorded music to how much money is paid on streaming versus radio airplay. This problem is predominantly due to centralization, lack of transparency and an unsustainable business model. 2. Why Use a blockchain The business objective is to remove all middlemen and close the gap between the musician and the listener by building a decentralized music platform that leverages the power of blockchain technology in empowering musicians to take full ownership of their content and finances. As blockchain consultant, our suggestion is to focusing on creating a transparent and decentralised database of rights and rights owners and automates royalty payments using smart contracts and cryptocurrency. It aims to address three of the issues outlined previously: compensation, transparency, ownership. We hope that it will be the foundation upon which a new more transparent, more efficient and more profitable music ecosystem can be built. At its core, the blockchain is a distributed ledger that can validate and register transactions without the need for a central authority. No one owns the ledger — it’s spread across the nodes that constitute its network and is publicly available to everyone. Information stored on the ledger is interrelated through cryptographic hashes, which make it virtually irreversible and tamper proof. In a nutshell, it means that parties can make peer-to-peer exchanges of data, money or anything else of value in any amount and in a secure manner. In the music industry, the blockchain could transform publishing, monetization and the relationship of artists with their communities of fans. Blockchains also take advantage of low-cost storage, reliable Internet connectivity, and state-of-the-art security like cryptography to replace large, monolithic, proprietary systems with open, lightweight, distributed systems that are largely based on open-source software. Blockchains are designed to be highly reliable: transactions are written to blockchains atomically.