Can “Smart Contracts” (Bitcoin based) Change The Music Industry?

Smart contracts have the potential to become the music industry’s next game changer. Bold statement? Yes. Will this happen soon? Probably not.

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To understand smart contracts you must start with Bitcoin.

“Blockchains” are essentially a coding system that will not allow X to happen without Y happening first. A “Smart Contract” furthers the blockchain concept into actual business transactions.

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Essentially smart contracts will impact all levels of music, starting with indie bands.

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Just like all transitions from one model to the next, natural selection will prove unfavorable to a certain population. Much like A&R departments downsized several years ago, legal, business affairs and accounting departments will take a hit.

In short, two things will happen (1) Artists will become highly efficient, and (2) the population getting laid off will need to develop non-traditional skills within their expertise to survive. Both of which will be interesting to watch.

Currently smart contracts are not being used, so why should Artist care? More so, what do Artists need to know in order to prepare for the future? Begin thinking in the form of smart contracts. Meaning – keep things really simply.

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