OpenLedger and MUSE bring blockchain benefits to music industry
Monday 25 January 2016
Fintech platform OpenLedger and Danish bitcoin exchange CCEDK are joining forces with music-tailored blockchain MUSE to make monetising music as easy as new peer-to-peer platforms made distributing it 15 years ago.
Just as music distribution was ripe for disruption in the early 2000s, with the rise of peer-to-peer file-sharing platforms, so blockchain technology is offering new opportunities for its monetisation.
The MUSE platform is a brand-new third-generation blockchain based on the Graphene Toolkit and specifically tailored to meet the music industry’s needs. It can be viewed as a membership organisation in the cloud that acts as a global database for copyright-related information. It is designed for all music-related payments – including royalties, music sales, merchandise and concert ticket sales. Now, OpenLedger is adding yet another project to its growing list, thanks to a new partnership with MUSE.
MUSE’s smart contract capabilities means that licensing music is suddenly vastly easier. Basic data such as song title, performing artist, ISRC code, master recording copyright owner, etc, can be saved to the blockchain, creating a public database for music-related information. The Automatic Royalty Payment Splitter can be used to set down the rules for when specific payments are received. If a song is streamed in one country, payments might divided between one label and various individuals; if it’s streamed in another country, another label and individuals might benefit. Complex in the real world, with MUSE this all takes place with full transparency and every party involved is paid instantly. Users can also input licensing conditions, attaching them to the smart contract for each song – enforcing different fees for using a song for a TV commercial, movie trailer, and Hollywood production, for example.
Ronny Boesing, CEO of CCEDK, is spearheading the use of blockchain technology for the music industry with MUSE
One last feature worth mentioning are the Tokens: limited and tradeable tokens that artists can use to give fans a VIP pass into their world, offering anything from discounts on merchandise to concert tickets and backstage passes, and even advertiser give-aways. Tokens are a tool that helps the undiscovered artist gain exposure while helping the already discovered artist engage with his or her fan base.
Fiat gateway and crypto-USD with CCEDK/OpenLedger
OpenLedger is a financial system based on Bitshares 2.0 and launched by CEO Ronny Boesing from CCEDK in co-operation with the blockchain company Cryptonomex and their Graphene toolkit. It is designed to combine the best of traditional financial and cutting-edge cryptocurrency worlds: a fast trading platform that offers full transparency and the safety of multi-sig accounts, whilst remaining KYC and AML compliant.
OpenLedger, through its Danish registrar CCEDK, is now offering a fiat gateway – enabling anyone to buy and sell MUSE for USD via the 1:1 market OPENMUSE/OPEN.USD. All payments made on the MUSE platform by consumers, and income generated by artists, are in OPEN.USD, so there is no confusion about how much a track costs – and no issues with crypto’s trademark volatility. This makes for a simplified, accessible way to use the platform, which offers great advantages over the traditional model employed by the music industry. Instant and low-costs worldwide transfers are the norm.
To top it all off, CCEDK will soon be able to even offer debit cards via OpenLedger to allow any MUSE user to spend his crypto-USD(OPEN.USD) anywhere a debit card is accepted. Artists’ royalties are not only paid immediately, but they can spend the funds they earned at practically any store.
Music industry veteran
As it happens, CCEDK and OpenLedger CEO Ronny Boesing is a veteran of the music industry, having spent 25 years travelling the world to sell music before starting his cryptocurrency exchange. ‘I’m thrilled to get back into this world after my years of experience in the business,’ he comments. ‘There’s always been this urge to relive the excitement and thrill of being involved in this kind of work, and this is a fantastic way to combine my interests. The highlight of every year was the annual meet-up at the music festival in Cannes, and I see some great potential in taking active part of promoting all Muse-related activities at future events like this in Cannes and elsewhere.’
Adding value to OBITS
OpenLedger’s strengthening ties to the music industry have one more implication. Every project added to OpenLedger’s portfolio adds another revenue stream to OBITS, a kind of catch-all for CCEDK’s many income-generating activities. Bringing OpenLedger and MUSE together not only gives music-lovers a way to buy music and receive payments frictionlessly: it creates a synergy that allows for further investment in OpenLedger and its ongoing development.
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This article was sponsored by Ronny Boesing and CCEDK
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