Bluebox CEO Lee Parsons spoke to attendees at the Tezos Event in Bangkok, demonstrating how the Bluebox platform can solve major issues faced by the modern music industry when it comes to widespread problems related to copyright protection and revenue loss.
In his presentation, Lee explained how the global music industry is currently haemorrhaging millions in unclaimed and lost royalties.
Right now the music industry operates using out-dated technology created over 30 years ago. Music copyrights are stored on hundreds of thousands of individual, inoperable database, containing mismatched and incomplete data.
This makes the music licensing process slow, inefficient and not fit for purpose, meaning rights holder cannot be paid accurately and receive everything they have earned.
Songwriters, artist and rights-holder rely on a complex network of middle men, including labels, publishers, distributors and Performing Rights Organisations to access funds. Not only does this complicate the process of claiming royalties, but these business also take a cut of any revenue generated, taking money away from the right-holders themselves.
During his Tezos event presentation, Lee showed how Bluebox can solve the problem of fragmented copyright information using blockchain technology and smart contracts.
As single source of truth for the music industry, Bluebox uses the transparency and security of the blockchain to eliminate this widespread loss of earnings caused by mismatched data and piracy.