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Blockchain

Russian Pop Star Transfers Song Rights On Blockchain

When blockchain technology was introduced to the market, experts predicted that it will bring major disruptions to all aspects of the market. Every industry will be affected and businesses will have to change the way they handle their transactions. And boy, did this prediction come true!

In a first, Russian musician and pop singer Oleg Kenzov has become the first person ever to transfer the digital rights of his song through blockchain technology. He used a government-backed blockchain platform for this purpose.

The BlockChain Agreement

BlockChain Agreement
The BlockChain Agreement

The studio that represents Oleg Kenzov, Soyuz reported that it is in the process of finalizing a licensing agreement for Kenzov’s song ‘Po Kaifu’. The song will be available for download by stores, restaurants, and gyms. They can use it in their marketing strategies. The licensing deal was made between Soyuz and FONMIX, a music distributor. You too can partner with a blockchain technology company to create your own blockchain app and become a pioneer in your industry just like Oleg Kenzov.

The event was a major one in music history (understandably). You can even call it historic. And that is why top music industry artists and players were present when the rights were being transferred. These included Warner Music Russia, Sony Music, Universal Music, Zhara Music label, and more.

Experts are predicting that music companies will join some blockchain app development company and streamline their distribution channels. This will greatly affect local artists who will be able to distribute their music easily. The transference of digital rights will also become much easier.

One of the ways that artists will be able to benefit from this move is by receiving all their payments instantly. When Oleg Kenzov transferred the digital rights to his song, the entire process took around 10 minutes. That is exactly how much time it will take for a local artist to transfer the digital rights to their songs and get paid.

Blockchain development company IPChain is one of the companies that are providing various tools for musicians. The songs may be distributed around the world and the best part is that the local and national legislation regarding music can be taken into account. Using the geo-restriction tools, blockchain companies can easily handle artists and music from various parts of the world and not be afraid of the different legislations in different regions.

The President of IPChain Association, Andrey Krichevsky had this to say, “What we did has no precedent,”.

A blockchain is a complex tool and not many people understand it. The hazy information that they get makes sure that they never dabble in it even though it is for their own good. But that concept is gradually changing. People are more interested in this technology and they are getting more and more information about the technology so they can take advantage of it. Soon there will be a plethora of blockchain development agencies and companies that will cater solely to the music industry.

Conclusion

This case is a first in the music business, but hopefully not the last. Musicians, music managers, and more are in the perfect place to earn more money by using blockchain technology. Oleg Kenzov has paved the way for future artists and music distribution companies.

Also Read: How Blockchain Is Beneficial For B2b Companies?

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Artificial Intelligence Blockchain eCommerce Mobile Application

How Blockchain Is Beneficial For B2b Companies?

Technology has surpassed any milestones that we might have had for it. Now it has become ubiquitous in business and any business that doesn’t harness the power of technology is left behind. Ever since technology entered the market, the eCommerce sector has seen a lot of growth and evolution. There is a lot of change that this sector has seen and more is on the way. The current technologies that have made a powerful impact on this sector are blockchain technology, AR and VR technologies, as well as IoT, to name a few. Businesses now have more power to reach their clients and users now expect more from the businesses that they interact with.

One of the technologies that have made a real impact on the B2B industry is the blockchain technology. It has helped the industry overcome a lot of problems that it was facing like data security, frictionless payments, better supply chain management, and more. This way it has enabled the businesses to improve their retail process as well as others.

Problems Ecommerce Businesses Face

Problems Ecommerce Businesses
Problems Ecommerce Businesses Face

Here, we are going to look at all the ways that AI-based solutions and blockchain technology have helped B2B companies. But before that, let us see what were the problems that B2B businesses were facing before this technology came out.

Lesser Operational Efficiency

When we talk about an eCommerce business, we see that there are a lot of discrepancies in the business operations. This is especially the case when a business is receiving multiple products from multiple locations. The problem that arises here is to make the logistics as well as the payment processes seamless and smooth. Also, with different departments, you have different management systems that overlook the whole process and workflows.

Non-Transparency in Payments

Another problem that is faced by businesses in this industry is that there is a lot of discrepancies when it comes to transparency in payments between the service providers and their customers. One major example of this is the handling charges and miscellaneous fees that come with the transactions. Usually, these expenses are not explained fully by the retailer.

Non-Dependable Data Security

Another problem that businesses face is the authenticity and security of their data or the data that is coming to them from consumers. The data could be in a form that makes it unauthentic. Also, no matter where you save it, there is always the chance that a hacker might get into it and steal it or damage it.

How Blockchain Provides Benefits to B2B eCommerce

Benefits to B2B eCommerce
How Blockchain Provides Benefits to B2B eCommerce

Keeping in view all the problems that we discussed earlier, here are some of the ways that a blockchain app development company can help a business by creating an app for them.

1. Preventing Tax Liability After-Effects

According to the figures cited by the US Supreme Court in 2018, they were suffering from a lack of online sales tax by more than $44 billion annually. After this statement was issued, various laws came up for not paying taxes. These laws imposed felony charges on companies that didn’t pay their taxes over $10,000.

When businesses use blockchain for their records, they can show their sales records to the tax authorities and prevent any liabilities. All you need is to partner with a blockchain-based mobile app development services provider. Once you have your own, bespoke blockchain app, you can save and transmit digital sales receipts, invoices, and other documents. This way, you will lower the chances of fraud. It will not only help businesses prevent being implicated in tax fraud, it will also help them with tax refunds on their purchases.

2. More Streamlined Supply Chain

B2B Ecommerce transactions are complicated with multiple parties involved and information going through all of them. This might lead to delayed payments as well as damaged reconciliation processes. Blockchain technology can help businesses by providing them with fast, authentic, and audited transactions between all parties. Businesses can use technologies like XML and EDI to make all transactions visible to the parties involved and no one else.

3. More Streamlined and Transparent Smart Contracts

Most B2B businesses use Request for Proposals (RFPs) to address procurements. When businesses use smart contracts for this purpose, they can better explain their projects as well as provide all the information and data that goes with the project. This can include a delivery timeline, payment process and plans, and everything else. The benefit of using smart contracts for RFPs is that once the contract is made, neither the buyer nor the seller can back out of it. If they do, they won’t get the amount that was agreed upon.

4. Eliminating Financial Carelessness

Whether we talk about B2B business or any other type of business, we have to admit that there are always discrepancies and inefficiencies that create problems for the businesses involved. This is true for B2B Ecommerce as well. When you use blockchain technology for B2B eCommerce, you can ensure:

  • Fraud prevention.
  • Fast recovery.
  • Frictionless payments. And more.

Conclusion

More than 25% of banks and other retailers, as well as manufacturers, will have leveraged the power of blockchain technology, according to an IDC report. Also, experts are predicting that by 2023, more than $60 billion worth of cross-border payments will be facilitated by blockchain technology. Given above are only a few ways that blockchain can be beneficial for B2B companies.

Also Read: How Games Software Development Is Benefiting From Blockchain?

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Blockchain

How Games Software Development Is Benefiting From Blockchain

Blockchain is nothing new to us. We have been hearing about it for a long time and have seen examples of how blockchain is making our lives easier and better. There is more trust and credibility, as well as other things when we use blockchain for our transactions. It gives more options to our customers. It is by far, one of the most advanced emerging technologies in the market.

Blockchain has made its way into quite a few industries and is not showing any signs of stopping. One more industry that is seeing disruptions thanks to blockchain in the gaming industry. Experts from a blockchain development company are stating that it is about to completely change the terrain of the gaming industry by allowing gamers to ‘earn’ real money that they can use wherever they want. This has never happened before and it means a lot of companies will be building their games differently.

As far as the gaming industry goes, in 2017 it generated around US$116 billion which amounts to around £91 billion. According to experts, this figure will go to $300 billion by the year 2025. This is more than enough to show us just how much potential there is in the gaming industry and how video games can hold the attention of the public for a long time.

If you are still not accepting the power that video games hold over people, consider a letter that Netflix shared with its shareholders in 2019. In this letter, Netflix says that they are not as worried about competition from other streaming services. What they are worried about is the competition that they are getting from the game Fortnite. The game has more than 80 million players and at the time of writing, was valued at more than $15 billion.

So, how are custom software development services providing gaming companies leveraging the power of blockchain?

First of all, let’s look at the example of Epic Games—the company responsible for Fortnite. Instead of taking the huge success and enjoying it, the company announced that it will be entering blockchain gaming soon.

Another top gaming company is Ubisoft—the company that has brought us Assassin’s Creed, among other exceptional video games. It too announced that it will be investing heavily in blockchain technology for future games. That’s not all. The decision to leverage blockchain technology is being taken by many a mobile app development agency as well.

Why are these gaming giants climbing aboard the blockchain bandwagon? Because they recognise blockchain technology is about to upend the entire multi-billion-dollar gaming software industry.

The question is why would companies that have huge gamer following invest in blockchain?

The answer is simple. No matter what game you play, you are restricted to its environment. For example, if you win something while playing Assassin’s Creed, you can only use it inside the game. It does not exist outside the game and has no real value. Blockchain is about to change that. Thanks to this technology, if you win a reward in one game, you can easily transfer it to another game. This means that the rewards that you win have actual value. You can purchase them and sell them in various blockchain-powered marketplaces.

So, are you part of the Future?

Also Read: How Blockchain Technology Is Improving Online Shopping Experience