What can a singer or an artist expect from Blockchain?

They can bank on the new technology to get a bank account for a song or for an art, allowing them to make money while protecting their intellectual property.

“In the music industry, creators of value have not been fairly rewarded. The technology allows one to create smart contracts. A song collects money for the singer. It has a bank account. It is like a business,” says Don Tapscott of Blockchain Research Institute, who is a strong advocate of the emerging technology.

The claims made by Blockchain advocates are no hype, insists Tapscott. He recalls that 25 years ago, people saw the internet as a hyped up innovation as well.

In a keynote on the ‘Evolution of Digital Economy and Blockchain’ at the Nasscom India Leadership Forum (NILF-2018) here on Wednesday, he made a strong pitch in support of Blockchain, which he says will emerge as the new operating system for the economy.

BRI, Nasscom sign MoU

Tapscott’s Blockchain Research Insitute today signed an MoU with Nasscom to assist Indian companies in this domain. The MoU covers combined research, knowledge sharing and working with government and private organisations that seek to deploy Blockchain. The duo will set up a Blockchain Centre of Excellence (CoE) in India to provide technology capabilities and expertise.

Blockchain, according to Tapscott, has replaced the traditional intermediaries in financial transactions, such as banks. The shared, secure network gives businesses visibility on the transactions, he says.

He adds that Blockchain can bring down the cost of financial transactions globally and allow peer-to-peer exchange of money, removing the intermediaries. It creates blocks of information on pieces of transactions, promising to change the way countries handle financial transactions.

Miners with huge computing power validate the transactions, making break-ins difficult.

Tapscott, the author of several books, is the CEO of the Tapscott Group. One of his books, Blockchain Revolution: How the Technology Underlying Bitcoin is Changing Business, Money and the World , throws light on the innumerable opportunities that the new technology offers.