One of the greatest ways that Blockchain technology is used – is authors and owners rights registry. Revelator, a music software platform, raised $2.5 million last week to implement its Blockchain technology in music ownership rights registry and digital music distribution.
In total, Revelator has raised $5.5 million for its new Blockchain-based project. This should simplify the music tracks registry process and help track music downloads. Thus making royalties payments and management faster.
Revelator allows musicians to upload their songs into the system and distribute them via digital music services like Spotify and Apple Music. Using Blockchain technology, they will be able to track the subsequent downloads and get royalties much faster and securer than before.
Bruno Guez, founder and CEO of Revelator spoke to TechCrunch about their plans to expand services worldwide and offer mobile payment to musicians: “Today, artists are not getting paid on mobile. That’s part of our vision and part of what we’re working towards. And the conversation goes beyond music…”
Even though there will still be other problems to solve, the efficiency that Blockchain technology could bring to the music industry is a step into the future.
Guez stated previously:
“The last 50 years, we didn’t have technology. The next 50 years, it’s all about technology. So why not make the market more efficient?”