True blockchain-led transformation is still many years away, according to an article , “The Truth About Blockchain” in the Harvard Business Review, because it does not deliver a truly “disruptive” business model which can attack an existing model with a lower cost solution, rather it is a “foundational” model since it can create new foundations for economic and social purposes. The article was written by Harvard business administration professors Marco Iansiti and Karim Lakhani. Blockchain technology promises a lot of benefits and for good reason, the article noted. It can provide contracts embedded in digital code and stored in transparent, shared databases that are protected from tampering and deletion. Every agreement, task, process and transaction can have a digital record and signature that can be identified, shared, validated and stored. Intermediaries like bankers, brokers and lawyers may no longer be necessary. Barriers To Overcome However, for this potential to be realized, many barriers— organizational, governance, technological and even societal—need to fall. It would be a mistake to rush into blockchain innovation without understanding how it will likely take hold. Blockchain technology’s impact will be gradual rather than forcing immediate disruption, according to the authors. Blockchain is not a “disruptive” […]
There’s a lot of excitement within the music industry about the potential for blockchain technology, from Benji Rogers’ Dot Blockchain Music , to experiments like Imogen Heap’s Mycelia , and emerging startups like Jaak , Stem , Paperchain , Superational , Ujo Music and others. However, there are also sceptics who question whether blockchain technology can have the impact on the recorded-music ecosystem that has been claimed. One of them is Kevin Bacon, the musician and producer who also co-founded independent distributor AWAL and ran analytics platform BuzzDeck, and has advised a range of music and tech companies. At our NY:LON Connect conference this week, Bacon beamed in with a short speech outlining his views on blockchain technology, and why it may not be the saviour for the music industry after all. Here’s a full transcript of his address: “I think we’ve all been exposed to some element of blockchain over the last year or so, whether it be Imogen’s project, or Benji, or many of the other news items and reports across the BBC etc which talk about how potentially blockchain could save the music industry, the record industry. Well, I don’t think that’s going to happen. First […]
Know who owns rights to what is one of the greatest challenges currently faced by the music industry as well as those involved in it. Many believe
technology could be the answer to this issue by making royalty payments faster and more efficient whenever a song is consumed. __________________________ Guest post by Alexander Stewart from Berklee’s Music Business Journal One of the biggest problems the music industry faces today is knowing which labels and publishers, performers, songwriters and producers own the rights to songs and recordings, and what their split of the royalties might be. Many believe that record keeping with Blockchain technology can help. Advocates of Blockchain foresee a music industry where every time a song is sold or streamed, payments on royalty splits would be clearer and quicker. A Blockchain is ultimately a database that maintains a continuously growing list of records secure from revision or tampering, and one that enables trading with a cryptocurrency, such as Bitcoin. Participants would engage in a new and efficient protocol that promises more transparency in transactions and a tamper proof medium of exchange. Less middlemen would be involved all around, which is reassuring for an industry riddled with issues […]
Image Credit: LuckyImages/Shutterstock Digital music really could use some help. Industry revenues are dipping due to piracy and illegal use of content . Singers and composers are being short-changed by music companies and streaming services . And business models built upon patterns and practices dating back to early 20th century, decades before the invention of digital and online services, are fueling a lot of bad will. But a number of blockchain innovators are forging new solutions that could knock down inefficient intermediaries standing in the way and enable musicians to transact easily and directly with audiences. We’re currently seeing solutions emerge to handle three key concerns: 1. Licensing and rights management Digital rights expression is one of the biggest problems the music industry is tackling presently. It’s extremely difficult to clearly define which performers, songwriters, producers, publishers, and labels own the rights to songs and recordings and how royalties should be split between them. This is the first place we can expect blockchain to bring change. The ledger stores a cryptographic hash representing the digital content of every new song registered on the blockchain, along with lyrics, musical composition, liner notes, cover art, licensing, and other relevant information. Since […]
Audio Network’s head of product Matthew Hawn explains why blockchain technology has the potential to become a game changer for the music industry. British recording artist Imogen Heap is an advocate of using blockchain technology Every industry is on the lookout for its next great innovation – the application of the right technology at the right time to transform the way the sector operates. Many in the music industry are viewing the blockchain in this way, recognising its potential to revolutionise how music is distributed, paid for and tracked. On the surface, it’s a clever idea – use the technology behind virtual currency Bitcoin to fix one of the longest running problems in the music industry: paying artists fairly for their work and cutting through the Gordian knot that is music licensing rights. The concept of blockchain technology is a revolutionary idea. It uses a clever cryptographic concept to change how contracts between buyers and sellers work, using transparency and distributed networks to bring accountability and speed to commercial transactions. The music industry is not the only sector that faces significant changes from its use: blockchain is already transforming the financial services industry, with Deloitte recently investing in blockchain […]
C’était le mot magique de 2016 ; cristallisant tous les fantasmes, se parant de mille vertus, la «blockchain» a probablement atteint pendant l’année le pic de la hype, avec le deep learning et après le big data et l’IoT, so 2015. Mais que se cache-t-il réellement derrière ce terme, où en est la technologie et que pouvons-nous en attendre en 2017 ?
Blockchain, qui es-tu, d’où viens-tu, que fais-tu ?
Qu’est-ce que la blockchain ? Sans revenir sur les bases techniques des chaînes de blocs, qui ont été abordées ici et plus largement ici, revenons sur ses caractéristiques, ce que cette technologie permet et qui suscite cette ferveur.
La promesse, c’est le stockage et la transmission d’actifs immatériels transparents, sécurisés et sans intermédiaire. Pour tenir cette promesse, la technologie doit offrir :
le stockage et la transmission d’informations : une base de données ;
entre personnes individualisées : utilisant des méthodes d’identification sécurisées et chiffrées ;
sans intermédiaire défini : distribuée entre ses participants ;
transparente : publique et librement accessible, au moins par ses utilisateurs ;
sécurisée : disposant d’un protocole de consensus résistant aux attaques.
On peut donc considérer que les technologies qui ne remplissent pas
One of the biggest problems the music industry faces today is knowing which labels and publishers, performers, songwriters and producers own the rights to songs and recordings, and what their split of the royalties might be. Many believe that record keeping with Blockchain technology can help. Advocates of Blockchain foresee a music industry where every time a song is sold or streamed, payments on royalty splits would be clearer and quicker. A Blockchain is ultimately a database that maintains a continuously growing list of records secure from revision or tampering, and one that enables trading with a cryptocurrency, such as Bitcoin. Participants would engage in a new and efficient protocol that promises more transparency in transactions and a tamper proof medium of exchange. Less middlemen would be involved all around, which is reassuring for an industry riddled with issues of trust over intermediation. In a perfect world, the Blockchain would also become the single stop to publish all information about the making of a song. The suggestion too is that Blockchain would devolve control to the original parties in the exchange. For instance, notaries could be replaced, as every transaction would be time stamped automatically and given a unique […]
A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo NEW YORK (Reuters) – A small, but rapidly growing number of digital technology start-ups is raising cash by creating and selling their own currencies in offerings that bypass banks or venture capital firms as intermediaries and are outside the reach of financial regulators. Investors are being drawn in on hopes that such “initial coin offerings” will match or exceed the performance of the first digital currency, bitcoin. For the sellers, the appeal of selling their own currencies, or tokens, to raise cash is enormous. There is no paperwork as would be required for a public securities sale. But the lack of regulatory oversight is raising red flags among some market experts and financial technology lawyers, some of whom even question the legality of the tokens. Joe Zhou says he needed just 58 seconds to sell enough tokens to meet the roughly $5.5 million fund-raising target for FirstBlood, the online gaming website he co-founded. “We had expected the sale to run for a month and we even […]
La Blockchain est aujourd’hui un buzzword en passe de dépasser le Big Data en termes de notoriété comme le montre ce graphe sur Google Trends.
Mais l’engouement médiatique se justifie car cette technologie semble avoir le même potentiel de disruption que le web il y a 30 ans.
De nombreux secteurs vont être bouleversés, en commençant évidemment par la finance et l’assurance, mais également pour prendre quelques exemples : l’IoT, la sharing economy, les droits d’auteur, l’aide humanitaire, les tests médicaux, les notaires, voire le financement des start-ups via la DAO, etc.
Blockchain, the technology underpinning bitcoin, is one of the most important innovations since the development of the Internet. It has generated a lot of interest lately and it is likely to continue in view of the broadening adoption. The globe’s leading banks are starting to realize they need to embrace innovative technologies in order to stay competitive in today’s digitized world. Financial services providers are actively investing in various blockchain projects aimed at exploring the potential use cases of the technology. A major software solutions provider, Sopra Banking Software , has published blockchain infographics that highlight the main benefits of the techno
logy and analyze its potential role in the future of the banking industry. One of the most important benefits of the cryptocurrency technology, the company stated, is that it eliminates the need to deal with intermediaries. Unlike current centralized systems, which depend on a single entity, the blockchain has no central ledger. The distributed nature of approving transactions makes it hard to compromise the system. Voting management is one of the other areas that can be improved with the cryptocurrency technology. The use of the blockchain can retain the simplicity of electronic voting while providing an increased security. […]
The blockchain is the flying car of finance – and it has finally arrived. But before we take the wheel, we need to figure out how to regulate its use.
In 1969 a TV programme in the UK called “Tomorrow’s World” demonstrated a computer-run banking system which made payments between banks and shops via the phone network. Described as “the electronic equivalent of many thousand ledger clerks” the programme noted that £6 million of payments were ‘bounced’ each year as a result of cheques being written out for accounts that did not have the funds to support them.
“[The electronic system] is ‘bounce-proof’,” said reporter Derek Cooper. “It simply won’t work unless you have cash or credit at the bank.”
47 years later, we have not yet reached that reality. The system, at least in the UK, is still run on an overnight batch process; real-time processing still belongs to the future.
“Blockchain” by deavmi. Licensed under CC BY-SA 4.0. As the official website of the U.S. Copyright Office notes, copyright protection for an original work of authorship subsists from the time that the work is created in fixed form . That is, once the work is created, U.S. copyright law considers the author of that work to hold copyright protection over the work, with or without copyright registration. However, the growth of digital forms of media has created a problem for copyright owners as it has become very simple for copyright protections to be infringed upon through content sharing. Consider the recent copyright infringement action filed against Donald Trump for his presidential campaign’s use of a copyright-protected picture on Twitter, allowing thousands of individuals to continue the copyright infringement by retweeting the original post. There are a multitude of publication services available through the Internet which greatly increases the ease of committing such infringement. A tech company situated in Thailand is hoping to offer a service which helps copyright owners manage their copyright-protected property more effectively. A recent press release from Copyrobo announced a web- and app-based service which can provide timestamped evidence of documents, video and music. The release […]
- Few investors even on Wall Street are aware that over $220 million has been raised in the past three years through Initial Coin Offerings (ICOs). ICOs are a new form of investment, somewhere between an IPO and a Kickstarter, in which new blockchain ventures sell a digital currency they create to use with their software before the software itself is written. ICOs are easy money nowadays, and I’ve participated in a few myself; but when it came to my own blockchain startup, I urged that we avoid this Wild West of finance. Not t
hat there’s any doubt blockchain technology will see huge successes. Bitcoin and blockchain tech will change our lives as substantially as the personal computer and the Internet did before it. But while the word “dot-com” was on the tip of everyone’s tongue in the late ’90s, the blockchain investment boom is largely happening under the radar due to this ICO phenomenon. Just like early dot-coms, the problem with ICOs is there is simply not enough skepticism. With little more than a white paper and a website, teams have raised as much as $180 million from scores of individual investors. There is no fiduciary duty from the company to the investor and no real penalty for not living up to the hype. ICOs are typically open for investment for a certain duration of time, after which the funds are available to the startup. Nearly all the incoming funds are in the form of Bitcoin, but there is also a considerable ecosystem around Bitcoin’s primary competitor, Ethereum. At some point after the funds are raised, the organization issues investors units of the new digital currency. Because the currency derives its value from the software being built, it functions somewhat like an investment in the software project itself. To […]