International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Decentralized Music Marketplace: a Blockchain-based Rights Management Approach

Author(s) Vendrell Mendonca, Ashwin Pillai, Elbin Thomas Abraham, Kyle Crasto, Annies Minu
Country India
Abstract Historically, Traditional music rights management systems have favored the major record labels, leaving the creators underserved. By analyzing the current landscape, this paper introduces and implements a blockchain-based rights management system for the music industry with the goal to combat this issue. The system aims to establish a transparent licensing structure, ensure comprehensive rights metadata, and simplify fair royalty distribution. Utilizing blockchain, the system stores rights metadata on a public ledger, ensuring the transparency and immutability of the data. A consensus mechanism on a permissioned blockchain validates the integrity of the metadata, enhancing trust. The royalty payouts are enforced by Smart contracts, leveraging algorithms for fair and efficient distribution using cryptocurrency transactions. The proposed system addresses the historical shortcomings of traditional DRM and provides a more equitable solution for all music industry stakeholders.
Keywords Blockchain, Music Licensing, Revenue Distribution, Smart Contracts
Field Computer
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-04-30
Cite This Decentralized Music Marketplace: a Blockchain-based Rights Management Approach - Vendrell Mendonca, Ashwin Pillai, Elbin Thomas Abraham, Kyle Crasto, Annies Minu - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.19080
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.19080
Short DOI https://doi.org/gts4qx
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