Last week music startup Revelator raised around $2.5 million by offering a new kind of tracking for music rights and for allowing royalties to be more efficiently distributed to the correct owners. At the heart of their proposed technology is the Blockchain which can be used to effectively record any kind of transaction or event. Similar to other companies, Revelator is finding applications for the Blockchain in other unrelated industries – in this case – music. The drastic efficiency and real-time updating of Blockchain allows Revelator to track the use of digital goods and distribute royalties to their owners when they’re due. Prior to Revelator, musical artists did not receive their owed royalties for weeks and often months. The difficulty and corresponding time period is increased when multiple people split the royalties of the very same song. In fact, Revelator says that half of the royalties owed never get processed because of outdated systems and software. Bruno Guez , CEO of Revelator, stated in a press release: "If you have data every day, why can’t we make payments every day? If you had 1,000 downloads, I can pay you $700 tomorrow." Blockchain is a disruptive technology for the music industry Blockchain is completely behind the speed increase, and the target audience are any key players in the music industry: artists, rights holders, managers, etc. The technology can be used to track downloads, streams, etc. all to one single platform which can always be relied upon. "The Blockchain technology does provide a truly disruptive technology for the music industry. It’s not the only thing that matters and it won’t solve all the problems in the industry, but I do believe our current offering introduces new features for music." said Guez. As you can probably imagine, Blockchain technology could be applied […]
