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.