Wall Street Journal: Blockchain and the Music Industry—Turning Pennies into Dollars
In a recent Wall Street Journal article, reporter Irving Wladawsky-Berger discusses blockchain technology and the Open Music Initiative (OMI). Says the article, "OMI is developing open standards to enable the creation of platforms and applications that will simplify the way rights owners are identified and paid." To help achieve its stated mission of assuring "proper compensation for all creators, performers, and right holders of music,” the Open Music Initiative recently released the first draft of it’s Minimum Viable Interoperability APIs (MVI 1.0), which will make it possible to link the data associated with its owners and creators. Berger quotes director of innovation and strategy Panos A. Panay to explain the fault within the current infrastructure of the industry, saying, “A lot of money doesn’t get distributed to the people who should be getting the money, and most importantly we are thwarting our ability as an industry to innovate.”