Blockchain Technology and Fair Compensation for Artists
Blockchain technology has emerged as a potential solution to the problem of fairly compensating artists for their work in the digital age. By using blockchain to track the usage of music and other media, artists can receive the royalties they deserve, and streaming platforms can ensure that they are paying the appropriate amount. But what exactly is blockchain technology and how does it work? At its core, a blockchain is a decentralized, digital ledger that records transactions on multiple computers. This means that the information recorded on a blockchain cannot be altered or deleted, making it a secure and reliable way to track and verify transactions. The process of adding new transactions, or "blocks," to a blockchain is called "mining." Miners use powerful computers to solve complex mathematical equations, and in return, they are rewarded with a small amount of the cryptocurrency associated with the blockchain. This process helps to verify the transactions and ...