SoundCloud has reportedly signed a memorandum of understanding (MOU) in collaboration with MaestroProject to help develop blockchain technology in music industry.
According to “rumors” (I have deducted this from my own contact in SK Telecom) SK Telecom is behind the MaestroProject and CREATIVES have already pitched the royalties nano-payment solutions for them.
According to Coin Telegraph, here’s the deal.
Maestro offers a safe, stable, and transparent network on which artists can retain more freedom over the distribution and creation of their content. Through the decentralized system of Maestro, which effectively eliminates the third party from the process, artists will receive the revenue they rightfully deserve. Artists will be able to sell their content directly to their fans, reaching out not only on an economic level, but also on a social basis. The transparency provided by Maestro’s tracking system, which records every payment and transaction on blockchain, will further ensure security and stability for all artists; the Maestro smart contract will allow only authenticated users to upload and download content.
Crowdfunding will also be part of the process:
Maestro acknowledges that consumers of music are as big a part of the music industry as the artists themselves. Through the crowdfunding system of Maestro, fans will be able to fund their favorite artist or song in advance, following the project as it is progressed. The transparent nature of the platform will make investing an easy, clean, and stable process through which consumers will play an active role in creating art.