Russian pop singer Oleg Kenzov has completed the first transfer of digital rights to a song he wrote using a government-backed blockchain platform.
According to VC.ru, the Soyuz studio has a license agreement with the music service FONMIX to distribute Kenzov’s song “Po Kaifu” to shops, restaurants and gyms who want to use it for marketing purposes.
The historic transfer of blockchain rights took place in the presence of top musicians from major record companies and labels such as Warner Music Russia, Sony Music, Universal Music and the Zhara Music label.
Music companies hope the technology will streamline the distribution of music creations by local artists and make it easier for everyone involved to transfer digital rights.
Artists who use the platform are paid instantly. The entire digital rights transfer process took less than ten minutes.
The IPChain blockchain platform provides tools for managing musicians’ creations as they are distributed globallytaking into account the laws of certain countries and geographical restrictions imposed by a record label.
“What we have done is unprecedented”, said Andrey Krichevsky, President of the IPChain Association. “But the music industry is extremely pragmatic in this regard. Therefore, blockchain has long been an interesting, but not very clear tool. Now they are finally ready to give a concrete answer to our colleagues’ question: ‘Why?'”.
“IPChain aims to create a comfortable environment for labels and artists to work together and to increase the overall volume of the music market.”
A survey conducted in July by the pioneering digital music store eMusic found this Most users were willing to pay with cryptocurrencies if it allowed artists to earn more.
The study showed that 65% of eMusic customers would use cryptocurrencies for the reasons stated above.. It’s worth noting that only 8% of those surveyed had used Bitcoin (BTC) or any other cryptocurrency in the past.