This paper describes the world’s first blockchain music data platform, RecordFarm and RECORD (RCD) tokens, which are within the RECORD Ecosystem. RecordFarm aims to clarify: 1) exact management ownership confirmation of music contents and 2) vague usage coverage of the contents, which have been long wishes to be solved in the music industry. Storing collected data in the decentralized and distributed system, RecordFarm provides real-time music contents analysis and contents management which prevents falsification.
Congregation and verification of massive data are the most important tasks for the platform.
RecordFarm is a participatory platform that users build up collectively. Artists/Labels/Publishers/Fans recognize the contents information while enlarging the RecordFarm database. This activity serves to enhance data accuracy & credibility within music data verification process.
The reward system regarding the task of verification is based on RCD tokens and the structure of the system is settled when development commences. Transparency is ensured, as all activities are recorded and made public on the blockchain, which cannot be hacked or altered. This nature of blockchain ensures that the artists’ contents are recorded safely on RecordFarm’s platform.
Compensation on RecordFarm is based on RCD tokens which are immune to exchange fees which plague non-cryptocurrencies internationally. Thus, no matter the number of countries served, we do not need to establish local currency conversion contracts which skim from total profits. Operating expenses are further reduced by the blockchain’s burden sharing system. By spreading the data from a decentralized server with cryptocurrency miners, costs of operating RecordFarm’s servers and resources are greatly reduced.
RecordFarm, ‘blockchain based music data platform’ to remove the dubious nature of data management in the music industry.
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