Blockchain-based technologies, risen from the ashes of the Bitcoin craze of 2013, are breaking new grounds today. These transformative technologies are shattering industries ranging from Finance to Computing. With executives in the FinTech industry scrambling to understand how Blockchain technologies work, are other industries safe from the disruptive nature of Blockchain?
Music producer, Mark Papai is no stranger to the $50 billion a year music industry, and his focus on working with smaller artists give insight into state of the music industry. As Papai said: “The greatest challenge I have found [in the music industry] is the inability for rising artists to monetize their work”. The music industry today is fragmented, abusive and generally inefficient. Giants such as Spotify take a significant cut of the profits, while platforms such as Tidal restricts artists to exclusive releases that further fragment the music industry. There has to be a better solution
Opus, began in the latter half of 2016 and set out to disrupt the music industry using cutting edge blockchain technology. With VC-backed funding, Opus is a promising candidate to changing this status quo. Opus is Lead by a group of well-reputed computer science and engineering researchers and Forbes 30 under 30, Mateusz Mach who is providing insight into the startup culture and directing operations at the Opus foundation.
There has been some attempts at creating a blockchain-based music platform in the past such as AudioCoin and MusicCoin, however as Bokang Jia explains: “Those platforms are at best pseudo-decentralized. Opus is different. By fully decentralizing all 4 layers of the Opus stack through Ethereum and IPFS swarm, we completely resist censorship, centralization and ensure permanent availability”. The technology behind Opus is in the beta stages and the team hopes to reach a global scale by building the infrastructure from the ground up.
To raise some funds to complete the development of the platform while decentralizing the control of Opus, the Opus team will conduct a crowdsale to be announced on the website. Tokens that are backed by the value of the music assets sold on the platform will be available for sale.
The Opus team presents a novel attempt at disrupting the entrenched music industry. If Opus is a success not only will artists benefit but it will also greatly improve the music listening experience. Whether they can pull it off though… we leave that to the reader.