Web3 Use case for Streaming Music:
Spotify could work with the Music Rights Holders and artists to create a smart contract, code on the blockchain, that would do the following:
- The customer listens to an artist’s song using Spotify.
- As the customer plays the song on their phone, the Spotify app on the phone will communicate with the smart contract on the blockchain.
- The smart contract will record the number of times the song is streamed on the blockchain.
- Spotify will pay the Music Rights Holders based on the number of times that song has been played, which is publicly available for everyone to look up on the blockchain.
- Then the Music Rights Holders will pay the artist.
