A project aimed at helping to ensure musicians receive the appropriate payment for consumption of their music, called 'Free At What Cost?', has among its proposals that a Bitcoin-based currency could be engineered in order to connect musicians with their customers; the movement seeks to counter the ever-growing trend of music becoming free. The idea is not new. This could either be done using Bitcoin itself, which could utilize the technology's ability to facilitate micro-payments, or by using the blockchain to and creating a 'coloured coin' to sit within it, which could track where a particular song is distributed to.
A project aimed at helping to ensure musicians receive the appropriate payment for consumption of their music, called 'Free At What Cost?', has among its proposals that a Bitcoin-based currency could be engineered in order to connect musicians with their customers; the movement seeks to counter the ever-growing trend of music becoming free. This report has highlighted a number of companies seeking to capitalise in this area, and it would seem that the music industry could represent a great chance for a Bitcoin-backed solution to become popularised. This could either be done using Bitcoin itself, which could utilize the technology's ability to facilitate micro-payments, or by using the blockchain to and creating a 'coloured coin' to sit within it, which could track where a particular song is distributed to.