Important News From Us

Time to share some important news.

Around two weeks ago (2-3 October) we were in London, participating in the event that could possible mark the beginning of the new music (and not only) industry.

Most probably, most of you are aware about numerous problems in modern music business. Generally, there is lack of transparency, unfairness, inefficiency and low payout for artists. However, there are number of people and organization that recognize these problems and try to change that.

The two-today Guardian Live event at the Sonos Studio in London saw the first release of the song “Tiny Human” by Imogen Heap using the emerging blockchain technology, followed by panels with discussions and Q&A. Here is the transcript of what Imogen had to say about the project and video from the first day panel session.

We share this vision and the direction to fully support instant and transparent payments and to create open-source platform for artists as well as try to reduce issue of piracy. We have initiated numerous contacts with artists and developers from the UK and USA. We are aiming to become first in Nordic countries to eventually offer such services to artists and their fans.

This is just the first step, but many motivated people are already involved in the project and we really dream to see the conditions for the artists change in the future of this business.

So what is blockchain?

The blockchain is essentially just what the name says: a chain of blocks. A block contains the data of all transactions within a period of time, and a reference to the block before it. It is an underlying protocol for one the most known cryptocurrency – Bitcoin.

The blockchain protocol offers to run applications autonomously, decentralized, transparent and secure. Decentralized because it runs purely peer-to-peer through nodes of users on the network. Transparent because the transactions are public and the network is open to everyone. Autonomously thanks to protocols dictating the rules of transactions on the network. And secure due to all nodes on the network verifying the transactions through consensus algorithms.

Even though blockchain technologies have existed for about 6 years, we are still in the dawn of their utilization. Innovative solutions that have potential societal impact are still being researched and discovered every day. One of latest innovations – is an introduction to blockchain so-called digital smart contracts. In a nutshell, smart contracts are computer programs that can automatically execute the terms of a contract.

All in all together, blockchain protocol with smart contracts could allow transparency of payments (including royalties), fast and secure payments and artistic freedom.

#blockchain #imogenheap