A gang of computer programmers – united by the Bitcoin technology – are trying to revolutionize an industry after 15 years of disruption which began with Napster and was cemented by BitTorrent.
Bitcoin’s blockchain – a decentralized system powered by a network of computers – serves as the transparent backbone of the Bitcoin network. The blockchain, which functions as a public ledger, maintains the accounting of the Bitcoin network, timestamping each transaction and assigning a unique ID.
Numerous individuals and companies are excited about the future of the blockchain and the music industry. Three companies, PeerTracks, Bittunes and Ujo Music, each claim their business model will liberate musicians from being under the thumbs of overbearing music labels and streaming services.
Source: Bitcoin Magazine