Music Ally has done its time in the blockchain trenches: our reports on the technology’s potential for music from 2016, 2017 and 2018 are evidence of that. One of the conclusions we’ve drawn: the ‘sweep away the middlemen’ startups that only work for artists who control 100% of their rights without even a collecting society in sight are not, in fact, going to sweep away the middlemen.
Where blockchain technology is actually interesting is when it can solve real, complex problems within the music industry: no grandstanding required. Could Verifi Media be one of those?
The name may not be familiar, but the company might be for people who’ve followed the blockchain/music intersection since the early days: it’s the company formerly known as Dot Blockchain, which rebranded last September. It’s had pilots with music industry companies before, but now it has launched a full-blown ‘music metadata tracking and management service’ that distributor Fuga – one of those existing partners – will be making available to its clients. For now, those clients will use the tool to “have products, assets, and associated metadata registered on a blockchain that keeps a historical record of changes to proprietary data” – there’ll also be a publicly-searchable database. A later update to the system will “match works and recordings data, normalize and cleanse incomplete and incorrect data, and use proprietary data scoring and AI to aid the process of forming multiparty data consensus”.