A London-based startup called JAAK has developed a blockchain for the entertainment and media companies to capture, store and verify metada using both Ethereum and Swarm, according to A Journal of Musical Things.
Swarm delivers shared equity with blockchain technology for the sharing economy, according to Angel List, a site which helps entrepreneurs and investors connect.
Partners Vaughn McKenzie and his partners Freddie Tibbles and Viktor Tron introduced JAAK at the recent European Ethereum Development Conference in Paris.
JAAK, according to its Angel List listing, links media to metadata as it travels through the supply chain to the consumer. The innovation is designed to reduce complexity and inefficiency in the supply chain, allowing a frictionless, real-time transfer of payments and usage data among media companies and creators.
JAAK’s team has recognized a diversity of revenue streams associated with organizations involved in capturing, managing and using digital rights and usage metadata.
Discrepancies in the accuracy, completeness and management of such information can result in severe difficulty, if not an impossibility, when licensing content or remunerating the appropriate parties.
JAAK plans to soon announce its official partners and begin accepting media and music groups to collaborate on the platform.
JAAK is part of a growing movement to utilize blockchain technology to allow content creators to connect directly with fans and users.
Several initiatives have been introduced in the music industry. By embedding music in the blockchain, musicians can get paid immediately in cryptocurrency.
Music can be placed on a decentralized server, then embedded with a piece of code, meaning that in time, anyone who downloads a track with a cryptocurrency, a payment is automatically sent to anyone involved, be it the writer, the producer, the singer, as well as many others.
Musicians hope to have more ownership of their music, assuring them they are being paid fairly and quickly for sales of their work, as well as simplifying the relationship between musicians and fans.
Also read: Imogen Heap sees blockchain as the music industry’s savior
Grammy-winning artist Imogen Heap is one of the most visible musicians supporting blockchain technology. In an interview with Real Business this past October, Heap said blockchain is enabling a rethink of the core structure of how monetary distribution works in the music industry and sees the technology as the ideal platform where important information about her song can be stored.
Tatiana Moroz, a singer-songwriter and a bitcoin enthusiast, recently announced a new beta launch of Tatianacoin, a token created on the bitcoin blockchain. Tatianacoin is designed to bring musicians and fans closer together through blockchain technology.
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