Blockchain will change the future of the music industry. British artists are starting to take action.

The three co-chairmen of FAC: Ed O'Brien (Radiohead guitarist), Sandie Shaw (British pop singer) and Nick Mason (Pink Floyd drummer)

Musicians seem to be more active than ordinary people. Recently, an organization called "The Featured Artists Coalition" (FAC) released a report. They cooperated with the Entrepreneurship Research Center of Middlesex University in London to explore whether "music is feasible on blockchain technology."

In the past year, there have been numerous calls for blockchain to be applied to the music industry. This report released by the alliance explains in plain language what blockchain is, what it can achieve now, how to explore its future potential, and some operations that will be put into practice.

Nick Mason, co-chair of the FAC and drummer of Pink Floyd, said: “If blockchain technology can help solve commercial and contractual problems in the music industry and maintain communication between artists and music fans, it will be revolutionary. This report will contribute to that, and I hope it will help us avoid the debate and move forward.”

The publication of this report and the operation of FAC also reflect that artists are defending their interests in a collaborative way and working together to find solutions to the copyright crisis.

Imogen Heap, a member of FAC and a Grammy Award winner, has long been aware of the impact that blockchain can have on her music career. She said: "Blockchain allows us to rethink the nature of technology and how funding allocation works in the industry. It can be used to build a unified platform and create an ecosystem for artists. But most importantly, it can establish standards for innovation that are feasible for artists."

According to the report, blockchain will have great potential in the following four music fields:

• Create a single, web-based database for music copyright forms, rather than the disparate, incomplete databases that exist today;

•Fast and frictionless payment activities will be possible on the platform created by blockchain;

• Blockchain can achieve data transparency, allowing musicians and their managers to have a clear understanding of their assets, rather than the confidentiality clauses that have been common in the industry in the past;

Paul Pacifico, CEO of FAC Alliance, concluded: “Blockchain is an exciting technology for the music industry, but its nature makes it inaccessible to the general public. This report is the beginning of how you can help revolutionize the future of music.”