The music industry is no stranger to licensing disputes. There are many cases where the agency has been embroiled in lawsuits due to improper attribution to media or non-payment of composers. For example, Spotify, the world’s largest music streaming service provider, has in the past settled license disputes with the US National Music Publishers Association (NMPA) over unpaid royalties. Later, to address property issues, Spotify acquired blockchain startup Mediachain Labs. This company has helped to develop a solution through a distributed database to better link artists and license agreements to tracks on the Spotify service.
The first and most well-known use case for blockchain was the cryptocurrency Bitcoin, but today it is expanding its usefulness to various domains and sectors. “Blockchain has the potential to become a solution provider for any business, especially in the protection and decentralization of data, and the automation of contracts between parties via smart contracts,” a protocol that enables developers to build. Arjun Kalsy of the framework Polygon, said. Connection of Ethereum-based blockchain network.
“We are already running with a couple of country governments which include Maharashtra for a blockchain option to offer Covid-19 certificates, even as the Telangana authorities is running in the direction of growing NFTs of folks artists, and Chhattisgarh and Assam governments are running on diverse use instances like land registration, courtroom docket case registry, etc.”
There are basically two types of blockchain, public and private. Public blockchain is not 100% allowed. This means that anyone in the blockchain can join and join the network.
According to experts, large-scale adoption of public blockchain can lead to improved financial inclusion, data ownership, and smooth processes at the inter-organizational and intra-organizational levels.
Moreover, blockchain can create possibilities at the socio-financial front, as it is able to create jobs on a huge scale and bring in a brand new technology of technology-led financial growth.
Framing the Future
Experts say that blockchain technology has tremendous potential because it is decentralized and immutable. Records stored on a blockchain are immutable and can be very useful for any organization to permanently store transactions with assets such as property, land, stocks, etc.
Despite many benefits, blockchain is still not a mainstream technology. However, the definition will come as a number of industries begin to apply the technology to their products and services over the next few years.
However, the approaching years are going to be defining, as numerous industries have started to use the era for his or her product and services. Going forward, right here are a number of the maximum critical use instances of blockchains:
Cross-border Money Transfer: Currently, global cash switch is achieved via SWIFT, or Society for Worldwide Interbank Financial Telecommunication, a Brussels-primarily based totally organisation. However, blockchain generation gives an answer with the aid of using real-time verification of transactions with out the want for intermediaries, growing transparency and pace at an awful lot decrease costs.
Central Bank Digital Currency (CBDC): India additionally plans to release its very own virtual forex with the list of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in Parliament. It will paintings just like how virtual wallets presently paintings however on blockchain, because of this that all transactions may be tracked at the ledger with out a capacity to regulate the past.
DeFi: DeFi is a peer-to-peer monetary provider that works on a blockchain platform. The idea has come into prominence with the usage of cryptos, because it permits you to take a mortgage towards a crypto you maintain with none intermediary.
Non-Fungible Tokens or NFTs: NFTs are all the rage in the arts, entertainment, and gaming industries. It became popular because a collection is made unique by granting it a unique code by placing it on a blockchain.
Smart Contracts: It is rising as one in all the largest use instances of blockchain. These contracts are embedded in real-time on a blockchain, getting rid of the want for middlemen. “In insurance, clever contracts can revolutionise claims.
Authentic Documents: Another critical use case this is developing of overdue is withinside the non-public identification space, says Malviya, that in which social protection certificates, beginning dates and different non-public data files may be stored on a decentralised blockchain ledger, which in turns allows one to have a form of a `international identification proof` this is similar to the present-day Aadhaar in India.
Real Estate: Blockchain can offer extra liquidity via computerized assets control and unforgeable land information and assets rights.
