The co-founder of Boogie Shack Music, Hakim Draper has stated that he thinks blockchain technology has a huge amount of potential to change the music industry. Despite a large amount of opportunities that have made the music industry more independent than in the past, it is still largely dominated by labels and major platforms. These often have high barriers to entry, and need money of course.
Boogie Shack has decided to partner up with the Tao Network, a blockchain-based content distribution platform for the music industry. Together, they plan to launch the coin XTO on the CCEX platform and will use bitcoin to create new opportunities in the music industry. Hakim has worked previously in Silicon Valley, aside from the music industry, so if anyone knows the ins and outs of this industry, it’s him.
Hakim stated that “In late 2015, I’d left Warner Music Group, frustrated with what I felt was the music industry’s passive approach to new technology and lack of progress with artists rights, education, and development. Shortly thereafter I met Bryce Weiner, the founder of Tao Network, and he introduced me to Blockchain technology and the idea of tokenizing an ecosystem.
The more I learned about Cryptocurrency and saw the proliferation and potential applications of Blockchain – and the more Bryce learned about the challenges for those in the music industry, the more we could both see how it could be applied in a mutually complementary way within the Industry.” The hopes are high that this new form of marketing and broadcasting can help bring change to an industry that often is unable to recognize smaller names with large talent. This is just another way that blockchain and cryptocurrency technology is shaping and reshaping many of the world’s largest industries.