The last two years, especially 2017, was arguably the year crypto went mainstream. Bitcoin was no longer confined to the dark corners of the web, anyone not afraid of a little risk suffered from FOMO (Fear of missing out). The explosion in Bitcoin’s popularity also drove the altcoins (cryptocurrencies that are Bitcoin alternatives) through the roof. From the rise of ‘Blockchain 2.0’ projects like Ethereum and NEO, to an influx of logistics and supply chain tokens and payment cards, this was truly the dawn of the blockchain revolution.
Blockchain technology, in a nutshell, provides us with a decentralized and distributed ledger. This has the potential to bring significant ramifications to the way we do things today as the technology pushes for a global p2p economy that is both distributed and trusted. As cryptocurrency continues to become widely accepted, various industries in 2018 will be exploring real-world applications of the blockchain platform.
The way in which blockchain generates trust in the transaction is quite simple. Each block contains a unique hash and the hash of the previous block that it is linked to. If the data in the block changes, so does the hash. The blockchain also utilizes proof of work to validate and slow down the creation of new blocks. Similarly, as the network is decentralized, all the connected peers need to verify each transaction before it’s accepted by all.
Why is all that technical mumbo-jumbo important? To put simply, blockchain provides a secure platform that simplifies transaction reconciling and validation. Likewise, all parties in the transaction are on the same platform. The transaction fees are lower compared to commerce over traditional means where multiple financial institutions are involved. Blockchains are not limited to cryptocurrencies either, they can also be used to store other types of transactions, records, e-notary etc…
The use of blockchain technology will disrupt a number of industries in the coming years. Take the entertainment industry, for example, more specifically music. Musicians would be able to have a p2p agreement directly with their fans. This removes all the middle layers in the supply chain (platform fees etc…) and provides better royalty payments to the artist and cheaper prices for the consumer.
Blockchain technology also saw the development of Etherium based Smart Contracts. These can be useful in solving today’s music licensing issues as well as provide better and more accurate song cataloging. These improved recording mechanisms can aid in Digital Rights Management (DRM) by providing a clear and auditable record of property ownership.
Whilst, blockchain provides the platform for all this to happen, musicians and the audience still need a method in which to perform the interaction. This is where the development of decentralized applications (Dapps) help – they enable users to connect to each other directly.
Emanate, is one organization that is doing this today. Their aim is to use blockchain technology to order to meet their mission of “building a community for audio creators to collaborate and effortlessly monetize all parts of their creative workflow, connecting with each other and their fans in ways never before possible”
What Emanate provides is a new platform that allows for music to be created and distributed freely, in a legal manner as well as provide opportunities for the artist to monetize their work. They do this within the Digital Rights Management (DRM) framework that applies to the jurisdiction the platform is being operated from.
The Emanate platform utilizes blockchain based smart-contracts to provide transparent transactions between content creators, producers and other supply chain verticals in the industry ecosystem. Like other blockchain projects, the utility token that helps make all this happen is MN8, the cryptocurrency that powers their platform.
We believe that buying tokens will become something of a show of cultural alignment to a particular hobby, interest, profession or passion area. Last year was insane for crypto. Possibly, the most insane ever, but who is to say what is yet to come? If you want to learn more about the Emanate project, have a read of their whitepaper. If you are interested in their upcoming ICO, join in on their Telegram channel.