Famous music star, Alexander Shulgin believes that blockchain technology is the solution that will give artists the power to control their work and reap from their sweat.
He said this at the CoinGeek Seoul Conference while speaking with CoinGeek’s Stephanie Tower on how blockchain is transforming entertainment and why Blockchain SV (BSV) is the only choice.
The music industry is not new to the peer-to-peer economy. Torrents, which are shared over the internet today, started with people sharing music files and videos. Before torrents, music was one of the key drivers of the internet in its early days, as more people turned to the internet to watch and listen to music. However, the game changer was the MP3 file format. This allowed easier sharing of music files and P2P music sharing thrived as a result.
However he admitted that for music to thrive on the blockchain, a new file format, one that takes smart contracts into account, will have to be developed which should be soon considering that major companies like Warner Music, BMG, Sony were already experimenting with the decentralized system of blockchain technology.
Shulgin, who is the Bitcoin Association ambassador for Russia, believes that it is only a matter of time before the use of blockchain technology in the entertainment industry goes mainstream. He predicted that in the next 15-25 years, blockchain will be fundamental in the music industry.
Giving the instance of current file sizes being too large and the massive content they put out, he is convinced Bitcoin SV (BSV) is the clear frontrunner as the only technology that can massively scale to fit users’ needs in the industry.
BSV, he said, has all the tools required to decentralize the multi-billion dollar entertainment industry with its 2GB block size cap, and soon to implement unlimited block sizes.