The music industry, more so than many others, is filled with scores of middlemen, each taking their cut from the pie before funds finally arrive in the hands of performers. It’s a problem that results in opacity in accounting and secrecy regarding financial transactions made in back-room deals, often at the expense of the performing artists.
Blockchain technology could be the fix for this economic inefficiency due to its inherent traits. Firstly, the blockchain technology utilized by fanship XFS is based on an open ledger that is readily visible and
auditable, protecting against secret expenditures, fraudulent activity, or misuse of funds. Records are automatically kept on an open, immutable ledger. In other words, the ledger cannot be altered once it has been recorded, keeping a perfect record of all transactions.
This creates a situation that is a boon to those who desire transparency and honesty in a business model. It allows for complete trust as it is impossible to complete false transactions and is equally impossible to conceal transactions on the blockchain. Just as importantly, it is considerably more efficient than legacy accounting systems that are fraught with human error, negligence, and fraud.
Most importantly, it eliminates the middleman. Instead, Fanship’s blockchain operates as a virtual middleman that can be completely trusted and executes transactions automatically, free from human error and dishonesty. This automated ecosystem circulates money from fans to performers and all associated music and merchandise producers without the need for entities to skim funds off profits.
Beginning in the K-pop industry and eventually moving into other global music markets, Fanship will implement blockchain technology with the XFS token, creating a payment and interaction system that is completely open, transparent, and secure. This technological change will revolutionize the music industry as we know it.
Fanship is launching a token (XFS) that will revolutionize the music industry through the decentralizing capabilities of blockchain technology, changing the way that the music ecosystem functions at a fundamental level.
Fanship begins this paradigm shift in Korea – a nation with one of the most loyal and rabid music fan bases in the world. This is a country that is more digitally connected than just about any other place you can imagine, with the highest rate of cell-phone usage and broadest WiFi network coverage in the world. It’s a natural place for this phenomenon to begin as teenage and young adult fans of Korea’s massive K-pop music industry are ready and willing to delve into digital solutions availed to them through innovations like blockchain technology.
In Korea, K-pop performers are selected at a young age, groomed, and subsequently weeded out by entertainment agencies who traditionally have held all the power over the young artists. Fanship offers the opportunity to flip this process on its head by enabling fans to take the reins in the curation and support of young artists. Through the transfer of the XFS token from fans to performers, financial support can be directed to artists chosen by fans. Performers can be discovered and rewarded by fans instead of by top-down corporate executives, who would otherwise reap the majority of the financial windfall, strictly funneling money to the limited field of competitors who manage to filter through the system.
Of course, there’s no reason that the Fanship XFS token could not be implemented globally. Being a blockchain technology, it is not limited by borders or national boundaries. As Fanship grows in popularity and utility in the music industry in Korea, it will gain value and attention worldwide, increasing demand for the token. The XFS token has the potential to be used internationally in decentralized music industry applications as a means of trade between fans and their favorite performers, along with their associated merchandise.
It is a concept that is only now possible because of blockchain technology. Due to Fanship’s unique take on this technology, we will witness a rapid shift in the music industry – a market that has previously stagnated in a centralized power structure that limits the potential of rewards to those who are creating value and favors those holding the power. Instead, those creating value can be directly rewarded by those who recognize it. Fanship XFS will provide this revolutionary tool to music fans everywhere through the magic of blockchain technology.