Before understanding blockchain technology we must first

understand what is bitcoin, since blockchain is based on

bitcoin protocol

Like paper money and gold before it, bitcoin is a currency that
allows parties to exchange value. Unlike it predecessors, bitcoin
is digital and decentralized. For the first time in history, people
can exchange value without intermediaries which translates to
greater control of funds and lower fees. You use bitcoin for many
of the same reasons you opt to send an email, stream a movie,
or download a song. Its faster, cheaper, more secure and
immutable. And its uses extend beyond the peer to peer
payments. In many places, bitcoin is less volatile than the local
currency so some use it to store value while others use it to
consume at hundreds of thousands of vendors across the globe
and online.
What is bitcoin
 The blockchain is a technology that underliesbitcoin
conceived in 2008 and first implemented in 2009where it
serves as the publicledgerfor all transactions. In the bitcoin
case, every compatible client is able to connect to the
network, send new transactions to it, verify transactions,
and take part in the competition to create new blocks.The
competition creating new blocks is known asmining. The
bitcoin design has been the inspiration for other
applications.
Ablockchain is adistributed databasethat maintains a
continuously-growing list ofrecordscalledblockssecured
from tampering and revision.Each block contains a
timestamp and a link to a previous block.
 Ablock chainis a transaction database shared by
allnodesparticipating in a system based on the Bitcoin protocol.
A full copy of a currency's block chain contains
everytransactionever executed in the currency. With this
information, one can find out how much value belonged to
eachaddressat any point in history.
Everyblockcontains alinkof the previous block. This has the
effect of creating a chain of blocks from thegenesis blockto the
current block. Each block is guaranteed to come after the
previous block chronologically because the previous block's link
would otherwise not be known. Each block is also computationally
impractical to modify once it has been in the chain for a while
because every block after it would also have to be regenerated.
These properties are what makedouble-spendingof bitcoins very
difficult. The block chain is the main innovation of Bitcoin.
Experimenting with distributed ledger technology as a trusted
way to track the ownership of assets without the need for a
central authority, could speed up transactions and cut costs while
lowering the chance of fraud
Use of block chain for music industry
Since the 1999launch of Napstersmusic-sharing platform,
the music industry has been in near-constant turmoil, its
timeline marked withdipping revenues,lack of
transparency, piracy problems and feuds over the fair
distribution of dividends.
Music companies hate streaming services. Streaming
services hate file-sharing services. And, most of all,artists
and content creators hate virtually everyone elsefor
making huge sums off their toil and feeding them the
crumbs.
With so many conflicts of interest, there seems to be no one
service or business model that can work in a fashion that
satisfies the needs of all the parties involved. But now, after
years of suffering from a thorny and complicated
relationship with the tech sector, the music industry might
finally find a chance to head in a positive direction by
leveraging theblockchain, the technology that powers the
bitcoincryptocurrency.
Why can blockchain be a good technology for music distribution?
At its core, the blockchain is a distributed ledger that can validate
and register transactions without the need for a central authority.
No one owns the ledger its spread across the nodes that
constitute its network and is publicly available to everyone.
Information stored on the ledger is interrelated through
cryptographic hashes, which make it virtually irreversible and
tamper proof. In a nutshell, it means that parties can make peer-to-
peer exchanges of data, money or anything else of value in any
amount and in a secure manner.
One of the advantages of a blockchain ledger is that it can
establish a more direct relationship between creators and
consumers.
In the music industry, the blockchain could transform publishing,
monetization and the relationship of artists with their communities
of fans.
First, music can be published on the ledger with a unique ID and
time stamp in a way that is effectively unalterable. This can solve
the historic problem of digital content being downloaded, copied
and modified at the leisure of users. Each record can store
metadata containing ownership and rights information in a
Why can blockchain be a good technology for music distribution?
Blockchain technology can also revolutionize the monetization of
music. The infrastructure isbased on smart contracts, programs
that can be run on the blockchain along with the payment
transactions. Blockchain-based cryptocurrencies such
asBitcoinsupport micropayments, which is effectively impossible
with classic payment mediums due to transfer costs. This can
support a new way of offering on-demand music services. Users
can select the record of their choice and immediately reward the
stakeholders with cryptocurrency upon playing it.
And, finally, one of the advantages of a blockchain ledger is that it
can establish a more direct relationship between creators and
consumers. Composers and artists will no longer be required to go
through purchasing platforms and financial brokers who usually
take a hefty cut of the revenue and can get directly
compensated every time their songs are played. This can be a
boon to all those amateur producers who dont have the backing of
huge record labels.
Startups and musicians embrace blockchain technology
Companies likeBenji Rogers online music
platformPledgeMusichave publisheda comprehensive
 Creators can upload their music and the associated
metadata on the ledger. Companies and consumers can
search and play the music of their choice off the ledger,
and smart contracts will ensure that the owner(s) of the
content will be paid automatically for its usage.