Three leading music groups are working on a new blockchain solution that will help content creators to overcome many of the problems existing in the digital music industry.
The project was launched by PRS for Music; ASCAP, the American Society for Composers, Authors and Publishers; SACEM, the Society of Authors, Composers and Publishers of Music. Under the initiative, the societies are working with IBM to design a platform, which is powered by Hyperledger Fabric, a distributed ledger technology from the Linux Foundation.
This is not the first blockchain project launched by IBM over the last months. Just few days ago, the company partnered with Natixis and Trafigura to design a new blockchain solution for US crude oil transactions. Over the last month, IBM announced a new blockchain service to enable developers build enterprise-grade blockchain applications and unveiled plans to bring the distributed ledger technology to the global logistics industry.
The new blockchain platform will be used to match the links between International Standard Recording Codes (ISRCs) and International Standard Work Codes (ISWCs). The system will help to prevent conflicts and minimize costs by improving royalty matching processes and accelerating licensing.
“Through this partnership, we aim to develop new blockchain-based technologies that will tackle a long-standing issue with music industry metadata – a problem that has grown more acute as online music rights distribution has become increasingly decentralized with the rise in digital channels,” said Jean-Noël Tronc, SACEM’s Chief Executive Officer.
“By developing this blockchain technology in partnership with ASCAP and PRS for Music, we will unlock value to the benefit of music creators worldwide.”
Robert Ashcroft, PRS for Music’s Chief Executive, siad: “Establishing authoritative copyright data has long been a goal of PRS for Music and is one of the biggest challenges the industry faces.
“Blockchain and distributed ledger technologies are opening up a world of new opportunities for all industries to address long-standing challenges. The digital market requires real-time reporting on behalf of multiple stakeholders across the world.
“If blockchain can help us achieve this, it will unlock opportunities for developers of new digital applications, increase accuracy of royalty payments and release value for rightsholders. We see huge opportunity for beneficial industry change and collaboration from this initiative.”
IBM, meantime, has announced that it is going to bring Watson’s cognitive capabilities to its helpdesk services. With the new feature, the company will be able to quickly resolve your IT issues, at any time, on any device and regardless of where you are in the world.
Talking to Watson is like talking to another person. The service learns from each interaction and then uses this learning to provide better answers to user’s requests. If it can’t find an answer to a certain issue, you’ll be redirected to a human service agent.