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What Is Bitcoin, Blockchain’s Future in the Music Industry?

“Blockchain technology is coming like a tsunami,” says Dot Blockchain CEO Benji Rogers. “Every business in this space needs to start thinking about a Blockchain strategy.”

A specter is haunting the music business — the specter of Bitcoin. To be more specific, it’s the Fear of Missing Out on Bitcoin, which is only natural given the digital currency’s climb from a value of about $1,000 to more than $19,000, before it settled at about $15,000. Suddenly, a business that has spent the last decade making it more convenient to pay for its products is experimenting with digital cryptocurrencies that are technologically innovative, mathematically secure and actually fairly inconvenient to use. What is to be done?  

In November, Bjork began selling her album in Bitcoin and three other digital currencies. (The first major artist to accept Bitcoin seems to be — go figure — 50 Cent.) Ghostface Killah got involved in issuing his own cryptocurrency, which seems uncomfortably close to the Chappelle’s Show‘s “Wu-Tang Financial skit that shows the hip-hop group offering investment advice. In early December, a team involved with the cryptocurrency Monero announced Project Coral Reef, which allows consumers to buy merchandise from Mariah Carey, G-Eazy, Fall Out Boy and other artists who have deals with Global Merchandising Services. Now the DJ Gareth Emery plans to release, sell, and pay royalties for music using both digital currency and the blockchain technology that it often runs on.

Digital cryptocurrencies like Bitcoin could be transformative and they’re rising in value so fast that they’re impossible to ignore. (Even J.P. Morgan Chase CEO Jamie Dimon turned around.) At the same time, the only person I know who has ever actually bought anything with Bitcoin is my former neighbor in Berlin, who ordered LSD by mail from the online Silk Road

Article source: https://www.billboard.com/articles/business/8094097/what-is-bitcoin-blockchain-technology-future-music

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