The music industry and the medical industry share the same problems? No problem, let blockchain technology solve it

Music can shape culture, entertainment and technology. Music enthusiasm can inspire new ideas and concepts. Similarly, the digital music industry's experience in exploring blockchain technology can also be applied to the medical industry.

Music revenue cracks

The music industry is undergoing restructuring, with annual revenues falling. In 2014, for the first time, digital revenues (46%) equaled physical sales (46%). According to the United Nations Department of Economic and Social Affairs, the world's population has reached 7.4 billion and is growing by 80 million people per year. According to the International Federation of the Phonographic Industry (IFPI), the global recorded music industry was worth about $40 billion in 1997, but in 2014, the global digital music industry only made $6.85 billion. IFPI represents the global recorded music industry, with 1,300 record companies in more than 57 countries as members.
The current situation is that more people listen to music, but fewer writers and artists can get rewards from their works. What society needs is a music industry that can get rewards for creating content, rather than an industry that always makes music companies lose money.

Peer-to-peer technology compresses the music industry

In 2008, after Satoshi Nakamoto introduced the Bitcoin peer-to-peer electronic cash system, it immediately attracted the interest of the music industry. For example, the Murfie music market accepts Bitcoin to pay for music downloads. Bitcoin as a payment method will not change the lives of musicians. However, the application of blockchain technology in the music industry can change the lives of artists.

Blockchain has the potential to modernize every industry. We just don’t know how yet. We all know that blockchain will affect the music industry, but we don’t know how. In December 2015, Benji Rogers published an article in the media titled “How Blockchain and Virtual Reality Can Change the Music Industry.” This article provides a strong argument to support the positive impact that blockchain technology can have on the entertainment industry. In February 2016, Roger published the second part of the article, providing substantial support for how blockchain technology can change the music industry from a theoretical and technical perspective. He clearly emphasized the following points:

1. Smart contracts can act as enablers

2. Blockchain technology can establish a Fair Trade Global Database for intellectual property rights

3. Each song will contain Fair Trade Minimum Viable Data

4. The new music format will be .bc or dot Blockchain

Music ownership is unclear

Will blockchain technology change the music industry for the better? Applying blockchain technology to music means that anyone who uses your music needs to pay, thereby improving the transparency of music ownership. Artists can create a .bc format file that contains the owner and user of the work. The surface process of music lovers buying and paying for music through platforms (such as YouTube, Spotify SoundCloud, etc.) will not change. The only difference is that blockchain technology will have a digital ledger inside the platform to track the ownership of writers and the use rights of music lovers.

Roger proposes that writers, composers, contributors, owners and usage rights be defined as part of smart contracts through blockchain technology. Similarly, music lovers can benefit from instant and multi-platform payments. The .bc format is envisioned to replace DVDs, Blu-Rays and also support new virtual reality formats. The .bc format will contain minimal viable data using the W3C standard JSON-LD.

The music industry has been plagued by digital rights management (DRM) issues for years. Now, blockchain provides a ledger as a payment method, an automatic royalty payment allocator, and simplified licensing (using legally binding smart contracts).

The intersection of music and medicine

The same way blockchain technology can improve transparency in music ownership can also improve transparency in medical records. The music industry has a song ownership problem similar to the medical industry’s medical record ownership problem.

According to data, the US life and health insurance industry reached $877.9 billion in 2014. How much do you think the transparency of personal medical records has increased in 2015 compared to 2014? For example, I did not feel any positive improvement in my medical records in 2014 and 2015. Personal medical records will continue to be fragmented between patients and doctors, just like music ownership and royalty payments in the music industry. Platform scale, interoperability and privacy, these issues can be overcome using blockchain technology. How can we deliver trust when patients have no confidence in the medical system? The amount of payment does not reflect the treatment effect. We cannot blame patients for lack of confidence because even experts find it difficult to explain how the so-called "medical system" works.

Blockchain technology has the ability to restore patients' confidence in medical care. It starts with transparency and ownership of medical records, and builds a new medical platform to return ownership of medical records to patients.

Original article: http://www.cio.com/article/3043597/healthcare/blockchain-gives-music-lessons-to-healthcare.html
By Peter B. Nichol
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/blockchain-music-healthcare)