Web3 Based Digital Rights Management in the Music Industry

Abstract

The music industry faces numerous challenges regarding tracking and distributing royalties. This article explores how a decentralized and transparent system for managing music royalties can be created with a smart contract implementation on the Polygon network, utilizing Chainlink oracles. By enhancing the efficiency and transparency of royalty distribution, this groundbreaking smart contract has the potential to revolutionize the music industry and stand as a blueprint for diverse sectors grappling with analogous challenges in intellectual property rights and revenue allocation. At its core, this smart contract, functioning on the bedrock of blockchain, ensures meticulous oversight of financial transactions between consumers and content creators. It streamlines the process and facilitates the collection of user view statistics crucial for strategic fund allocation. With the potential impact of transaction fees on the user experience of blockchain payments, a new solution has been developed that includes a payment channel that reserves significant amounts of funds and enables off-chain payments through specialized messages. By combining these technological advancements, we are taking a transformative step towards a more seamless and fair future in the complex world of royalty management. The application is structured into conventional backend and frontend segments, with the code available on Github.