Matt Sorum, of Guns N’ Roses and Velvet Revolver fame (among others) is getting into the blockchain business
Former Guns N’ Roses drummer Matt Sorum is looking at changing the way artists get paid for their music by using blockchain technology. He’s aiming to tear up the way artists get paid so they’re no longer last on the list.
Speaking to Yahoo News he explains the ideas behind his firm Arbit;
“My interest is in cutting the middleman. That’s been something on artists’ minds for years. There’s all these people you got to pay along the way. With blockchain, imagine if you bought a song online for 99 cents and that money was automatically distributed straight to all the contributors—the producer, all the writers of that song. With this technology, the money can go into everybody’s wallets automatically, it doesn’t go into a bank account where somebody’s making all that money and interest.”
He also said that there could be a use of cryptocurrencies and an ICO for his company.
ICO’s and use of coins or tokens aside, this is yet another use for blockchain technology that’s sprung out of a distaste for how things are done now. It’s these sorts of ideas that will change the way that we do business globally forever. Plus, it also gives me an opportunity to drop some awesome music in 😉