In the past 10 years the internet has redefined how we do everything in our lives. How we share information is constantly changing with the use of the internet. This is true for the music industry, as well. With an ever-growing world and so many people using it, it is no wonder that so many more people have access to affordable music through various apps and channels that provide this for them.
With problems that arise when transferring digital products, it is important to note that the changes in the future of blockchain are real and they do happen. It is important to seek out their future to get a feel for where the technology may end up, whether it is good or bad within that specific industry.
Trust is a problem on the internet
As third parties become more prevalent, many people are spending money twice on the same products. Due to this, there is very little trust in not only these companies, but also in those people that would rather not use them due to the trust issues that they have. These security breaches make it hard for everyone to make any type of transaction online without worrying about their financial information being sent into the great unknown.
Known as the “double spending problem” that so many experience, they pay one service provider and then another, costing them twice what it would normally cost. They need to pay the owner of the digital product, but then the provider of it, too. Due to this, many are wondering how they can create a way to solve the problem of double spending and help themselves feel more secure while making financial transactions online.
The solution to the online trust problem
Cryptocurrencies, such as BitCoin makes it possible to not only track the digital goods being sold but also provide a more secure, trustworthy way to make the transactions between one party and another. This creates a harmonious balance between everyone that is in the transaction, but also ensures that the digital product that is being purchased is not doubled, copied, sold or stolen.
BitCoin and other cryptocurrencies can be verified quickly, securely and efficiently, making this a better way to transfer digital goods from one person to the next, while keeping a third party out of it which would normally charge an additional amount on top of the original amount to allow the consumer to use and access the digital product. This is no longer an issue when using cryptocurrencies.
The future of blockchain is certain and it is positive. With so many more people trusting their finances to this currency, so many more are starting to learn about the positives associated with blockchain and cryptocurrencies in the ever-expanding and growing market. Being as cryptocurrencies are rising in value fast, they’re becoming seemingly impossible to ignore, even artists are offering their albums in cryptocurrencies. This may be the next best thing for the digital music world and it may just provide them with a more secure way to transfer their music.