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Music Industry Reflections, Predictions on Blockchain Influence

Music Industry Reflections, Predictions on Blockchain Influence

As the end of 2018 approaches, some major blockchain players have been looking at what 2019 may offer, taking note that emerging technologies have already found a comfortable home within the music industry this year.

Blockchain is the first that springs to mind, and as Accenture Consulting wrote in a recent post, “with blockchain on the horizon, every company of every industry must re-evaluate their role in the value chain — where once again, the music industry is leading the pack.”

How then has the music industry taken this leadership role if these claims are accurate? Alan Goodman compares the influence of blockchain in the years to comes as perhaps rivaling that of MTV which completely revolutionized music sales and gave something back to the creators of the music:

“Thanks to MTV there was a whole new ecosystem around music. We didn’t just see video making as something that propelled musicians. Musicians were suddenly at the fulcrum of new businesses, and new ways of thinking about business.”

Goodman has another role apart from being a founding member of MTV. He is now current Chief Brand Leviator at blockchain payment solutions company Aeryus. He adds:

“More recently, we’ve seen how musicians who understand community building can control their own destinies by conquering social media, crowdfunding, and digital channel creation. But blockchain will have a massive impact on how we do business in music because of the revolutionary decentralized infrastructure.”

Not all in the music industry support Goodman’s utopian view of the future. But Adrian Miller, CEO of Xyion and architect behind recording artist Anderson Paak, doesn’t see much changing in the year to come regarding blockchains impact on the industry and is one of those who believes that the hype surrounding blockchain is little more than just that. He argues:

“Enterprise sales to a few large incumbents is one of the hardest things to do and it can take years, maybe a decade to see results. From that standpoint, I don’t understand how these blockchain-based systems make enough money to exist at scale because they are trying to provide a lower cost and faster solution compared to existing databases.”

He maintains that blockchains are no better than the databases the industry has grown up with, and are slower and more expensive on the whole. Miller says he’d prefer to continue his blockchain research but also pursue more traditional ways of promoting his artists, through promo and album releases.

Facundo M Diaz, Executive Director at Reality Code Foundation, sees extended reality (XR) technology as the future:

“Many artists are finding ways to creatively explore new business opportunities in XR. With approximately 171 million VR users, and AR in every mobile device, the motivation for the music industry to expand their business in these new technologies is huge, but they still need to understand the best way to create something that inspires users to pay.”

He sees 2019 as the opening up of musical talent through adopting XR technology, “creating new and amazing ways to experience music”.

Finally, Bryan Calhoun, head of Digital Strategy at Blueprint Group, an entertainment management firm representing top recording talent, sees ticketing as the area in which blockchain will make the biggest impact.

“I think the two biggest opportunities revolve around rights management and ticketing. Both are going to take time to get done correctly, but companies like Dot BC, Tari, and Big Neon are, respectively, leading the way with exciting projects that have traction.”

 

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Blockchain Driving the Future of Autonomous Cars

Autonomous cars are no longer a thing of science fiction and will be arriving sooner than you think as they approach “level 2″ technology. The technology is in its infancy and has many future problems to overcome. Cars will boast deep learning supercomputers, in the form of Nvidia’s flagship architecture Volta. This hardware platform is the perfect foundation for a decentralized travel service. Blockchain’s security and peer-to-peer structure will provide a safe and secure system for self-driving cars to advance to their level 5 autonomous stage.

How will blockchain speed up the transition to level 5 autonomous cars?

Blockchains timestamp feature combined with GPS and statistics from the cars onboard computer will be encoded into the ledger for later analysis. Manufacturers, consumers and application developers will be able to use this data to increase road safety as well as provide updated or new services. The more data manufacturers can collect on traffic patterns and risk assessment, the faster the technology will advance. A decentralized solution offers easier accessibility to trusted data that can be publicly accessible to all autonomous AI developers.

Blockchain will help automate and reshape user services

Oaken has been working on a system for short-term leasing of vehicles. This could drastically change use and ownership of cars. Smart contracts encoded with journey distance and time taken statistics will be used to calculate fees. The cost of travel would then be exchanged in crypto rather than fiat. With customers no longer necessarily requiring standard 12-month insurance plans, we could see usage-based plans emerging. Augmented reality (AR) systems built on blockchain displaying information to the driver will alert them of potential hazards or relay diagnostics, directions and points of interest. Smart contracts will remove the need for interactions to purchase fuel or pay for maintenance, with the receipt of sale cryptographically encoded, saving time and money on transaction fees.

Knock on effects to society

With autonomous cars on the horizon, this will affect society financially and environmentally, while providing a better standard of living and improve infrastructure. Leasing vehicles will cost less, making cars more available to lower earners and provide increased transport in rural areas. Car sharing will reduce pollution, use of raw resources and ease congestion and parking limitations. Your car could earn its own crypto for fuel when stationary. Making use of the Nvidia GPUs to contribute power to mining pools would also increase transaction times on the network.

Car crime will become a thing of the past. Vehicles will opened via a privacy key which associated with owner details in smart contracts. GPS tracking time-stamped into the blockchain with other statistics will make speeding and evading car crime difficult. Driving penalties will be instantly charged to your wallet.

Current development

Toyota Research Institute has already instigated startups to explore future application layers of blockchain technology. Enthusiasts are already racing to develop these systems for a not-so-distant future. Hopefull,y blockchain will be able to provide the infrastructure in the coming years to develop a safe, secure and economical solution.

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