27 Nov '15, 3pm

Using the Blockchain to Reinvent the Music Business

When it gets talked about at all outside of hard-core programming circles, the term “blockchain” is usually used in the context of Bitcoin, the virtual currency that some see as the future of money. But some independent musicians are hopeful that blockchain technology can do more than just create a new monetary or financial standard — they hope it can help them reinvent the music business. Although they are often used interchangeably, bitcoin and the blockchain are separate things. Bitcoin is the currency — a form of digital peer-to-peer money that doesn’t require a financial intermediary like a bank — and the blockchain is a way of storing information about Bitcoin transactions in a database. Since a blockchain database is both distributed (that is, identical and interconnected versions of it are hosted in multiple locations) and encrypted, transactions and other informat...

Full article: http://fortune.com/2015/11/27/blockchain-music/

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