Is blockchain the key to the future–and the Future of Audio Entertainment Challenge in particular? Peter Harris, Founder of Resonate, a music streaming cooperative, had us enthralled by blockchain technology and its potential change everything from how we vote to how musicians earn money.
Now that streaming is the dominant revenue model in the music industry, there is an abundance of data in the hands of a few companies. Enter blockchain technology, which creates database that is not owned by a single entity.
Peter broke down how this revolutionary technology takes power away from a centralized authority and distributes it throughout a network. Just how does blockchain decentralize power and financial transactions? Peter broke it down for us explaining, “Every time a new block is written in the chain, it’s a chain of blocks, each block records the transactions of bitcoin between two parties. When those transactions are being processed, there’s a consensus mechanism that basically ensures that all the nodes in the network write the same thing.” This simple distribution of data throughout a network helps to keep data creators as data owners. Blockchain is the key to creating a world in which artists own the data.
Throughout the over two-hour conversation, Peter seamlessly fielded questions on ethics, music distribution in digital veloping countries, data privacy and moving your venture from idea to reality.
Resonate is currently in beta testing and we look forward to seeing how Peter and his team put the power–and data–back into the hands of the musicians.