Blockchain technology has unique features that help to fulfill any market or product requirement. The technology is antifragile which means that its supreme strength and durability can make any solution or project based on blockchain last for a long time even in adverse circumstances. And the same is true when it comes to the music industry.
Even though cryptocurrency and ICO based on blockchain platform are facing a lot of upheavals. Experts believe that blockchain is here to stay due to its long-term technological durability. In the music industry, so many songs are written and performed by a single person. Nowadays, there are more singers and songwriters in the industry are performing the role of publishers and labels. However, there are so many complications in today’s world when it comes to find the original composer or songwriter as there are so many versions of one song and the end result is that there are dozens of writers who might have written the same song or version almost similar to it.
Blockchain technology can solve such issues for entrepreneurs in the music field with the Howard test. With technological advances and collaborations between music creators becoming a common thing. The one rule of Howard test that can prove helpful is to understand the complexities associated with music copyright. It is important to avoid building a business based on a large number of songs without having controlled compositions, Forbes reported. The rule of Howard test said that music services without any controlled single rightholder or compositions can quickly get stuck in the sea of lawsuits.
That makes it important for all the entrepreneurs in the business using blockchain to avoid making such mistakes. Blockchain offers the facility to conduct any business or formality without any intermediary through smart contract. However, at times multiple people have a stake in one composition which may not work well with smart contracts as the platform as of now is not prepared to handle multiple assignments. The best way is not to rely too much on blockchain when multiple players are involved in a composition.
If you follow these rules, blockchain technology can surely help an entrepreneur from the music world to make it big similar to Utopia Music which is a music data tracking platform powered with blockchain. According to CoinJournal, the platform recently acquired ISPY Group to access the avenues untapped in the music industry. As per reports, there is around $30 to 60 billion worth revenue in the music field that is still untapped.
The post Howard Test Can Help Entrepreneurs To Gain Success In Music With Blockchain Technology appeared first on OWLT Market.
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