Ditto Music Announced Launch of Blockchain-Based Recording App

Ditto Music has announced, that it will launch Bluebox, a blockchain data recording technology that could be a blessing for musicians and distributors.

Why is it needed?

Ditto Music CEO Lee Parsons states that the main problem companies often face is that inaccurate rights metadata can hit the company’s bottom line.

Recently Ditto paid £60,000 ($80,000) in royalties to an artist, but later it turned out that metadata was recorded incorrectly, and Parsons had to pay the correct artist out of his personal funds.

Bluebox is intended to resolve such inconsistencies, allowing artists and distributors to instantly register, copyright, and publish music. This is achieved with legally-binding smart contracts, which are coded and copyright the content immediately.

“There’s billions of dollars of unclaimed royalties out there,” Parsons noted. “The blockchain can help millions of artists claim what is rightfully theirs.”

Broader vision

Last year, Ditto Music paid over $100 million to artists. The company boasts a list of 250,000 musicians including the likes of Ed Sheeran, Sam Smith and Royal Blood. Bluebox is aimed at distributing royalty paymetns for a recording’s lifetime and track plays on the blockchain network precisely.

Parsons states that it will enhance transparency and more comprehensive reporting, both of which will increase collection rates from digital services.

Ditto also stated, that in such way it will encourage “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”

Further details are still unavailable.