Homework 5-11

Homework 6
You're a blockchain consultant! Come up with a dApp idea or blockchain use
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.
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