About ISRT (A new Protocol Providing Logbooks for Music)
ISRT is an abbreviation for ISR Token. ISR is an abbreviation for International Standard Recording
The International Standard Recording Code (ISRC) is an international standard code for uniquely identifying sound recordings and music video recordings. An ISRC identifies a particular recording, not the work (composition and lyrical content) itself. Therefore, different recordings, edits, and remixes of the same work should each have their own ISRC.
An International Standard Recording Token (ISRT) is tokenizing International Standard Recordings on a blockchain, thereby helping to solve a major problem in the Music Industry, by effectively helping to Provide Logbooks for Music
The ISRT Programme establishes a new protocol, the ISRT Protocol, based on a Music Rights Database that utilizes the existing ISR structure to help create a Blockchain enabled ISR Tokens (ISRT) Protocol, that can help provide solutions to major problems in the music industry, and help provide greater efficiency. A blockchain is a distributed “ledger” that validates and can register transactions without the need for a centralized organization. It can create help transparency and ensure immediate royalty payments directly to music creators and other parties in the blockchain.
Musicians need to earn revenue from royalties from their Music Rights, otherwise they cannot make an income from their profession, leading to less music. Music rights holders can also include music labels, investors etc. Music holders are paid based on streams, downloads, physical album sales, and other usage depending on exactly which royalty they own.
It widely acknowledged in the Music Industry that there is a need for a global database for music rights, a kind of digital hub to keep track of the trillions of transactions that take place every year. Although there is broad consensus within the music business that such an initiative would go a long way toward getting rid of the inefficiency, errors and problems that plague the industry, no one is really sure how to build it and who will pay for it. This debate underscores just how complicated, disorganized and fractured the music industry’s administrative back end is.
CURRENT CHALLENGES FOR THE MUSIC INDUSTRY AND SOLUTIONS THAT CAN BE PROVIDED BY ISRT
Current challenges for the music industry include:
– Accurate tracking of songs that are streamed or downloaded
– Streamlining and expanding the digital distribution of the music
– Improving how musicians, writers, and owners are compensated.
Artists usually assign their rights to a third party for management, instead of attempting to track a song’s use and seek payment independently. The problem is that this can behard to track. A single song can generate revenue from 700,000 different sources around the world, many of them digital and almost all of them nonexistent not that long ago. Artists, labels and publishers have to rely on outdated systems that are ill-equipped to serve this new economic model. These fragmented systems are losing rights holders a lot of money with money often going to the wrong person, or to no one at all.
Many music distribution and collection services, simply send a list of songs played, with none of the metadata that helps determine who, specifically, should be getting paid for every play. And if a match cannot be made, no royalty is sent out. Up to 30 %of the sound recordings every month are not matched, and so no one gets paid
The ISRT Tokenization programme can help address some of these problems by utilizing tokenization on the blockchain. The ISRT Tokenization programme is being operated by Music Blockchains Limited and will be integrated into the Blockchains Index Programme. It will also feature alternative Music Distribution networks operated as part of the ISRT programme as a Music With Shops Programme that brings shops as advertisers that support the programme.
The MusicWithShops programme has nearly 2 million subscribers The BlockchainsIndex.com as part of the Blockchains.Business programme, which will be operated as a focal point and road map for permissioned Blockchains from the end of Q1 2019. IBM will be the majority shareholder in the Blockchains.Business programme with a 50.01% stake.
BlockchainsIndex.com will provide a signpost to for companies to access valuable new channels. In partnership with industry partners, it will feature valuable centralized resources that facilitate operations for organizations. A centralized Blockchain for the ISRT programme will be operated from Music-Blockchain.com and will be featured at BlockchainsIndex.com.
ALTERNATIVE MUSIC DISTRIBUTION NETWORK PROVISION – MUSIC WITH SHOPS PROGRAMME COMPLEMENTING YOU TUBE/OTHER MUSIC DISTRIBUTION PLATFORMS
The ISRT Programme will also feature a Music With Shops Music Distribution Programme that will complement You Tube and other music Distribution platforms and not compete with them. Music Owners who feature their catalogues at You Tube and other music Distribution platforms can enjoy an additional source of revenue with that music being called into the Music With Shops Programme and monetized by adverts from shops and advertisers. The Music With Shops Programme also features Music by Genre, something which a number of Music Distribution platforms don’t do. A slice of ad revenue or streaming sales from the Music With Shops Programme goes to stipulated charities with the default charities being Cancer Charities being supported by the Help 2 Beat Cancer Programme.
HELPING MUSIC RIGHTS OWNERS BUY/SELL/FUND/BORROW AGAINST MUSIC CATALOGUES
Something like ISRT can help with the effective functioning of the rights licensing, management and royalty payment systems of musical works in the blockchain era. A centralized view of music ownership and related stats including details of revenue generated at a centralized source in real time will mean a more efficient way of identifying who should be paid royalties for the use of their music. Apart from helping people receive royalties ISRT will help people sell and buy music catalogues much more easily, and provide a way that artistes or catalogue owners to receive funding using their catalogues as collateral for the funding or to sell or lease stake in their music catalogue.
ESTABLISHMENT OF AN ISRT PROTOCOL
The ISRT Programme is creating an ISRT protocol which is a new protocol to help people to finding out information they require.
The ISRT Protocol will provide the following information:
Information about the Catalogue owner
Information about the Artist
Individual Music in the catalogue that has the ISRT featured at the ISRC Code (Plus T for token)
The ISRT for individual Catalogue will also contain the following:
What rights are included?
About the Royalty Distributor
The Blockchain will facilitate Reporting, Accounting, Security, Management of Territory Rights, and of course the efficient collection and distribution of due payments
MUSIC STABLECOIN PROGRAMME AND RETAINED FUNDS FOR RIGHTS OWNERS
The ISRT Programme will also feature a Music Stablecoin that will be run from MusicStablecoin.com. Stablecoins are very important as they are not cryptocurrencies, but utility tokens pegged to a fiat currency that are used to make payments on a blockchain and are not subject to volatility as they are pegged to a fiat currency.
A significant portion of Music Industry Operator’s revenues are swallowed up by credit card fees. By reducing those fees so significantly, MusicStablecoin.com will help ensure much greater profitability for Music Industry Operators. The Music stablecoin will act as an economical digital payment system, compared to credit cards.
Many experts believe that the Blockchain and the use of Stablecoins will be as impactful a revolution of value as the Internet was a revolution of information. There are major players jockeying for position right now. The name of the game right now is adoption.
Music Stablecoin.com will manage payments distribution across the Programme. It will also facilitate payments for Shops and Merchants in the Music With Shops Programme and enable subscribers to pay securely for their shopping without having to give out their credit card and other financial details online. Further Details are provided in the attached Document
Music Stablecoin would facilitate the utilization of Smart Contract capabilities – allowing it to automatically and instantly split and pay royalties and commissions as per pre-determined criteria. A Smart Contract is a self-executing digital contract that uses blockchain technology to document and verify the contract’s execution, i.e. programmable money. The Smart Contract would contain instructions on how any funds sent to the Contract should be automatically distributed.
The funds from revenue accruing for any music featured on the ISRT and Music With Shops Programme would be retained on the blockchain and paid out on an automated basis to verified rights holders. If rights holders cannot be verified immediately, the funds would accrue for them on the blockchain, and once they had verified their ownership, they would be able to receive their accrued revenues as well as receive their future payments on an automated basis additional to revenue they received from You n Tube and other Music Distribution Platforms.