Many have heard of the famous cryptocurrency named Bitcoin, but many have not heard of blockchain. Blockchain is the underlying technology that allows Bitcoin to function as a decentralized currency. Imagine blockchain as a shared database. Unlike the Cloud, where Google or Apple control all the data, a public blockchain is not controlled by a central authority. Instead, anyone connected to the internet can take part in storing the data. Because it is not controlled by one party, theoretically, a blockchain cannot be shut down, hacked, and most importantly, the data cannot be altered again. Cryptocurrencies are one tiny possibility of the power of blockchain.
Blockchain is solving some of the major problems currently plaguing the music industry. With blockchain, musicians are able to receive equitable royalty payments, venues are able to curb counterfeit tickets and record companies can easily trace music streams and instantly pay all artists who contributed to songs or albums.