Blockchain To Help Musicians And Journalists — Joseph Lubin
Joseph Lubin, a co-founder of Ethereum and the head of the blockchain startup ConsenSys, believes that blockchain technology and decentralization as such will be of great benefit to employees of various creative professions. He talked about this in a video on YouTube.
Lubin called several areas of activity where a distributed ledger may be in demand. The technology can be a big help for workers in the music industry. The authors of creative works can store the rights to them on blockchain and monitor their use.
Blockchain will also help eliminate mediators. According to Lubin, artists receive, at best, 10–11% of the funds during their concert activities, while major recording companies get about 70%. Such firms can be replaced by smart contracts on the Ethereum platform.
Intermediaries, including promoters, will continue their work, but their influence will decrease. They will not be able to lead the process and make huge profits from working with musicians only for their mediation activities.
Another area where a distributed ledger can be highly demanded is journalism. Blockchain platforms, such as Civil, will be able to deliver content directly to the consumer and define ethical standards. The rules of journalistic ethics can be defined and strictly followed on the platform. Their violation will affect the popularity of a particular media.
Earlier, the WordPress representatives announced the implementation of the Newspack pilot blockchain project for news agencies.