Blockchain is not an abstract technological idea – on the contrary, it can have several different applications that can change the devices we use every day.
In the world of entertainment, especially the music business, this technology can be used as the core of these new interactive systems that are connecting producers to users. Read it in Italian.
At the end of 2015, the British singer, Imogen Heap, used blockchain technology to communicate with her fans and release her song, “Tiny Human”, along with all the related data (Imogen Heap releases Tiny Human using blockchain technology). «Blockchain technology has been designed to link data files to the relevant payments inside a digital platform. From my perspective, when someone listens to my songs, they are able to decide whether or not they want to buy it straightaway», explained the artist (I’m Imogen Heap. And This Is Why I’m Releasing My Music on Blockchain).
In other words, users are no longer forced to wait for the official release of audio files and singers are paid directly, without intermediaries.
Another blockchain platform, Bitshares, aims at bringing songwriters, singers, bands and users together for the whole creative process of music production, through dedicated interface verified by the technology. Musicians can share their music and fans can support and promote them. So, digital music can be available anywhere, any time and on every platform.
This same mechanism, which eliminates intermediaries, can be applied to online videogames: once users have a verified identity, they can actually transfer data and activities across multiple games, regardless of the number of platforms used.
Thanks to the fact that this blockchain technology makes monitoring and managing identities a safe, efficient, indisputable and fraud-proof process, it can be applied to different sectors, such as issuing ID certificates (birth, residence, wedding etc.) and contracts.
The so-called “smart contracts”- in other words, digital contracts between private citizens, which are binding and drawn/signed by both parties without the need for a notary or a bank, allow the underwriting parties to freely agree on terms and conditions. For example, if, for any given reason (the sale of a motorbike, the payment of a debt, a mortgage etc.), A intends to pay 1.000 Euros to B, provided a set of conditions are respected by a given date, funds get released only once the contract obligations have been fulfilled.
The parties involved cannot cheat or carry out a fraud case, since the blockchain records, which are 100% automatic and permanently recorded inside the blockchain, cannot be tampered with.
As explained by Bettina Warburg, entrepreneur and blockchain researcher: «Blockchains allow the creation of an open and global platform which can record any certificate provided by all involved parties and from any source. Therefore, they enable users to create verified, digital identities » (How the blockchain will radically transform the economy)
Platforms such as Ethereum are turning smart contracts into a reality and several valid documents have already been recorded in the system.
What do you think about smart contracts? I would love to hear your feedback. Send your tweets to @agostinellialdo.
If you liked this post, you should read “How blockchain will spark a digital marketing revolution”