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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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