Peertracks creators Cedric Cobban and Eddie Corrall have announced the release of an industrial grade blockchain – called MUSE – that acts a global ledger for music and permits interaction directly with artists.
MUSE is what the music industry has been looking for: An open and global database of music rights that can automatically pay all those who hold them… instantly.
There have been many other attempts at creating a global music rights database. What makes MUSE different is that it is a blockchain built using Cryptonomex’s GRAPHENE toolkit. This means it’s decentralized globally, across all continents. It is not owned by any specific corporation and it is open for all to use – ASCAP, BMI, iTunes, Spotify, Pandora can all jump on today and put an end to the so called Black Box of music funds. MUSE offers complete transparency and the information kept on its public ledger is practically immortal. It cannot be accidentally lost or deleted, cannot be forgotten, cannot be tampered with or hidden to charge others to access it. It removes the main bottleneck in getting the rights holders paid, and assures them they have been paid correctly.
This by itself should be enough to warrant attention, but the real innovation is that MUSE is a payment mechanism by itself. All rights to each single song/album can be put into the automatic payment splitter (a “smart contract”) which means that when a song is sold or streamed, the income will be sent to the “smart contract”, split up accordingly and automagically sent to the correct rights holder’s accounts within seconds. Not months, seconds.
Eddie Corral, CEO of PeerTracks said: “Using MUSE, PeerTracks can now pay out all the rights holders automatically, allow for tipping and patronage from fan to artist directly. But the real exciting feature is tradable artist branded Notes. Those are going to be huge and will spark new ways of monetizing music we can’t even conceive of today! We showcased the PeerTracks application at MIDEM this year and it was a hit, but MUSE was not yet finished and so people only saw the tip of the iceberg.”
This long awaited PeerTracks.com platform is nearing completion and being tested currently. You can start discovering artists and trading individual artist-branded Notes early this fall. Artists and rights holders can soon discover what it feels like to get paid instantly and directly.
About Peer Tracks and Cryptonomex
PeerTracks.com and Cryptonomex.com have partnered to help other entrepreneurs to create custom blockchain solutions that can integrate and make use of MUSE. This new consulting service can help ASCAP, BMI, Spotify and Pandora plug in and start benefiting immediately. This team includes Cédric Cobban and Eddie Corral, founders of PeerTracks.com, and Cryptonomex.com founder Daniel Larimer, the master innovator behind the GRAPHENE Toolkit.
SOURCE: Press Advantage [Link]
PeerTracks is an interactive music streaming platform that uses a BlockChain technology to transparently track all music copyrights, to automatically paying artist royalties directly, and allows the artist to create their own cryptographic-tokens.
August 10, 2015 – PeerTracks Announces Newest Feature "Notes"