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July 16, 2018, 06:57:07 AM |
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In the last couple decades, mass adoption of the internet has revolutionized the way in which people interact, and in turn reshaped the structure of entire industries. For example, online marketplaces have drastically reduced the need for costly brick and mortar retail outlets. The advent of blockchain technology and its decentralized nature presents even more opportunity for a revolutionary restructuring of countless industries. By providing trustless platforms as well as customized smart contracts, the need for trusted bureaucratic institutions to facilitate interactions is greatly reduced or even eliminated. For instance, blockchain based currency ledgers eliminate the need for banking institutions by not only connecting users of a network, but by providing a platform where the accounts and associated transactions can be trusted to be accurate without the need of oversight/control of a central authority. The rise of digital music has significantly changed how the industry operates, but surprisingly the overall structure has remained almost entirely intact. Power still resides with the traditional entities such as record labels and publishers, with countless layers of bureaucracy between the artists creating music and the public who ultimately consumes it. The vision of Potentiam is to create a decentralized platform that directly connects music creatives with each other and their audience. This whitepaper will describe the structure of the music industry and its problems as it operates today, and how Potentiam plans to use the blockchain revolution to take the power from the middlemen who control it and put it in the hands of the artists who are the reason for its existence.
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