“The music industry can offer blockchain technology a medium to engage the general population.” - Matt Lennox, Mon Frere Limited

On the 28th of November the leading 1 day conference and exhibition dedicated to the impact of Blockchain on industry with be taking place in Olympia Conference Centre, London. The Blockchain Summit London will see over 500 attendees and 60 speakers experience a unique agenda specifically created to maximise the busy schedule of the senior executive.

Blockchain technology is already disrupting a number of different industries; including financial services, supply chain management and even the music industry. One speaker, Matt Lennox is a Lyricists and Director from Mon Frere Limited. Mon Frere is a band who is spearheading the movement towards Blockchain technology use within the music industry.

Matt Lennox, who will be discussing how Blockchain Technology is disrupting the music industry, completed the speaker Q&A:

 

1. Could you explain the work that you’re doing with blockchain technology?

Blockchain technology offers huge benefits to musicians at a time when it has become increasingly difficult to develop an income by creating and selling music.  Due to technological progression, music is available to us all and can be obtained for free.  This leaves the majority of musicians attempting to find new ways of establishing revenue in order to continue a career in the music industry.  So, as a band we have been considering how blockchain technology can help musicians and we have been interacting with blockchain focussed companies to discuss the provision of web-based platforms that can sell our music, giving the ownership and the majority of the income back to the artist who spend months, sometimes years, creating it.

 

2. What benefits do you think blockchain will bring to your industry?

In a word – ownership.  When we first began to navigate the music industry we were blown away with how complicated the process of owning, promoting and channelling your music is.  There are so many middle men in the music industry.  So many musicians get completely out-manoeuvred in the process of selling their own creations.  There has to be a fairer way for musicians to sell their music.  Currently, a musician has to pay an aggregator to position their music in digital stores, then the digital store will take a major cut of any sales made.  All of this happens with no promotional support or guarantee of a sale.  Add into this equation music streaming and also trying to keep track of your digital internet and radio play, it is almost impossible for a small time musician to manage this with any clarity.  So, having a system that can allow a musician to sell directly, to track & to measure streams and radio play whilst keeping control of the ownership of their songs is a major step in the right direction.  The blockchain seems to offer a secure option in transferring music from artist to end user whilst maintaining full ownership.

 

3. Do you think enterprise is ready to take full advantage of blockchain? Why/ why not?

Outside of the music industry, the business world seems to be confident that blockchain technology will change the way in which we conduct online data transfers.  There’s so much investment taking place across the world into how the blockchain supports digital currency, how it can improve health care confidence and how it will revolutionise the financial world that it is hard to believe that it won’t be long before we see major moves towards a standardisation of the use of this technology.  As for Mon Frere, we are looking forward to hearing the fantastic speakers at the Blockchain Summit.  This will help us develop our understanding as to how we can get on board quickly in order to benefit our business for the longer term. 

 

4. Which industry/ industries do you think will be most impacted by blockchain?

Obviously, the key focus initially for blockchain technology has been with the financial sector.  We already live in a world of digital financial transactions.  We sit in front of a computer and move money around without it actually being transported from one destination to another.  Most of us do not really understand how this works.  How can we pay for an item from Amazon online?  Does someone take our money from Barclays to Amazon HQ?  Of course not, these transactions happen virtually and are measured by balance ledgers.  So, we don’t currently really understand the process and we certainly don’t trust it.  I don’t think I know anybody who hasn’t been at the end of some form of online fraud.  We need a process which we can understand and have confidence in – and our hope is that the blockchain is the first significant step in this direction. 

 

5. Where do you think the biggest opportunities for applications beyond cryptocurrencies lie?

I think music is a key area which can benefit from blockchain technology & vice-versa.  The music industry is enormous and consistent.  ITunes alone have sold over 10 billion songs to date.  And the music industry can offer blockchain technology a medium to engage the general population.  If we can get people using and understanding blockchain interactions through the purchasing and streaming of music, then we will be a step closer to gaining overall trust in this new, exciting technology.  If we can get people buying music with digital currency safely, then once again, we build the trust needed to ensure wider acceptance.  As Mon Frere, we are keen to support this move.  We want to see how much we can help progress the use of digital currency alongside blockchain technology in order to advance a more open and fair route to market for musicians.

 

6. How are partnerships contributing to growth in the blockchain field?

This is what we see as our duty – to partner with like-minded companies to support the raising of awareness of how this new technological revolution will change the world.  A musician needs blockchain interactions to be able to sell their music directly.  They can do this using digital currency.  This increases the use of digital currency in a market that is ever-changing. This grows confidence in digital currency and, therefore, the use of the blockchain.  We will see musicians working with digital currency organisations, who are working with blockchain technology companies, thus enhancing the progression of adoption.

 

7. Are there any applications of blockchain that you’ve seen so far that have been particularly impressive?

In regards to music, there are companies who are developing platforms to enable musicians to sell their tracks utilising the blockchain.  UK companies such as Bittunes have set up a music trading facility for independent artists.  In the US, companies such as Ujo have gone to the next level and have already begun to sell mainstream music via their own website.  This was initially trialled with an Imogen Heap track which was released using blockchain based distribution.  Ujo is moving at speed and seem to be leading the way when it comes to music centred blockchain development.

 

About Blockchain Summit

Blockchain Summit’s unique agenda has been specifically created to maximise the busy schedule of the senior executive. 

In only one day out of the office, hear from visionary keynotes, relevant case studies, and get to grips with the subjects that matter most to your business with our “how-to” industry-specific Labs. With over 60 leading speakers, come and discover exactly how industry visionaries are breaking new ground within Blockchain.

Amid unrivalled content, Blockchain Summit London offers exceptional networking opportunities for attendees to connect with industry leaders and innovators. Do you have a burning question or need something clarified? Use our “Ask the Experts” service to ensure you come away with all the knowledge you need to help redefine your company’s technology boundaries. 

Click here to register now to reserve your place for THE Blockchain event of 2017.

For more information please call Georgia Deery on +44 (0) 330 335 3900 or email This email address is being protected from spambots. You need JavaScript enabled to view it..