PRS for Music CEO talks about blockchain technology’s potential
Robert Ashcroft - CEO of PRS for Music, the collecting society - wrote an article for "Music Ally", on the topic of blockchain technology’s potential "to unlock rightsholders' money around the world".
Ashcroft explained the opportunities and challenges offered by blockchain tech, especially if collecting societies will play a key role in using it, rather than being disintermediated. He also gave some details about what PRS for Music specifically is doing with blockchain.
He added that the company, in partnership with fellow societies Sacem and Ascap as well as IBM, will use a technology called Hyperledger:
This will enable us to match, aggregate and qualify existing links between the codes identifying the sound recordings and the corresponding musical works so that we can confirm correct ownership information and conflicts. It is a private blockchain where everybody on the network keeps a replicate of the data by design. This architecture makes it easier to share and to plug new users into the network. This accessibility is of vital importance in supporting the philosophy that drives this project.
You can read the full column here.