How Blockchain can help the Jamaican music industry in regards to performance contracts.
One of the major problems the reggae industry faces in Jamaica is the lack of professionalism especially amongst the new artiste. A major headline we can see in the media in the region is insert (artiste name) was a no show.
Now the general public hears one story, from the artiste, another from the promoter and then there is the possible truth.
Many artistes like protoje have knocked terrible promoters and decided to limit their performances in Jamaica unless they have control over the show or a good relationship with the promoter.
On the other side of the record there are artistes such as Ishawna, who was a no show at Reggae Sumfest 2016 even though she had a contractual agreement.
Members of the Dancehall crew the 6ix have also been in the news recently for a no show at Sumfest as well as Beenie Man’s Summer Sizzle event in 2019
Performance Contracts & Blockchain
If promoters and artistes carried out these contracts using blockchain technology via ReggaeSteem it would be viewable by anyone who wants access. This could be done via a transaction with a memo that contains the terms of the contract. keep in mind, blockchain entails an open database that cannot be deleted as the information is stored on multiple computers globally and not one central server. By the promoter sending a contractual statement with the terms to the artiste via a blockchain based transaction or a more complicated smart contract, it could solve countless cases that take up a lot of time and money in the courts.
The promoter wouldn’t have to send all the founds in the form of JAHM Tokens, ( digital tradable token on ReggaeSteem) but they could.
They could also send the smallest fraction of a JAHM token just so the transaction is sent with the memo. They could send 1 cent worth of Jahm tokens to issue an agreement via transaction memo.
The memo could contain.
The name of the artiste and promotional company as well as:
- Date, time and place of the performance.
- The performance/set time.
- The performance fee and payment structure. ( example $1,000 before performance to be deposited on xxx date , $5,000 after to be paid as the artiste exits the stage)
- What may make the contract void. ( explicit language, nudity etc)
- Whatever else the promoter wants to put in the contract.
After creating the terms, the promoter could simply go to his wallet on reggaesteem , click transfer, input the artiste name ( as long as they have a steem account) paste the contractual terms in the memo, and then send a small amount of Jahm tokens to get the transfer sent. (That could be 0.001 JAHM ). The memo would be sent in less than 2 seconds and the cost being a fraction of a penny which they could earn easily for posting content on reggaesteem.
The final line of the memo/contract could read. “Transfer the JAHM back and state “I agree to the terms of the xyz contract dated December 15th 2020.
A contract has been made that cannot be deleted or tampered and it is open for the world to see until the end of times.
Of course there is the concern of artiste’s earnings being seen by all eyes but that shouldn’t be something to hide as this is where the world is heading. Memos can also be encrypted and decrypted by the parties if they see the need. This can be done using the memo key which is a built in function of the steem blockchain which ReggaeSteem is built on. If any problems arise regarding the agreement, one of the parties can decrypt it and show the courts. No lost, hidden, or tampered contracts. Time and money saved, the industry sharpens up.. All the data is preserved on the immutable database that is blockchain.
Feel free to leave your thoughts and comments.
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This is a great idea and very straightforward, too.
But I'm wondering are the issues about a clear written contract or are they about fulfilling that contract? Possibly, it's both. This helps to solve one part of the problem and it certainly deals with the he says, she says problem because anyone can go and see it for themselves.
I find myself in everyday non-blockchain life that no matter how clear the agreement and how much time has been spent negotiating it ... people still don't do their bit, forget/dispute what their bit is and generally behave as if the (written, signed, argued over for many meetings) agreement doesn't exist (silent scream).
Even with a contract in place, if someone is a no show, there's still going to have to be legal action for recompense or recovery. I'm wondering what standing these contracts would have ... has anyone tried yet?
I agree with you about professionalisation, though - it's a process for all parties to learn how to manage risk and what research to carry out about another party's reputation/activities.
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The issue seems to be more about fulfilling the contract from what I understand ( on both sides). If the contract was public it would hinder many from breaking it I believe. It has never been done officially using steem as far as I know. But looking at the workings of steem, it seems like it could be effective. Of course something made for exactly that on steem would be better. But that Memo Key feature and transfers makes a lot possible as is. It could be done using a post but that is editable.
Yes the legal action would have to take place incase of a breach but just the fact that the info is public ( or can be) many would save face and stick to it rather than get a bad rep. ( Well that is the hope)
the code may be the way to get things professional.
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My brother Shani is right the issue is fulfilling the contract. There need to be a strong deterrent for breaking these contracts.. Judges are not willing to issue a strong deterrent and I really dont think there is even one in law.. When you go to court and get a judgement in your favor you might even have to go back to court to even collect any monitory redress. Even when reward are granted the Jamaican JUDGES are very lenient.....However many times both sides are at fault. If you should get a chance to view these contracts you would see that a lot of holes are in them..
I would suggest that you try not to get into the politics like who dont show up etc but rather stick to the issues in the smart contracts and or momo service........ If we dont have to carry those story I dont think we should.....
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Yes I can imagine both sides being at fault, cause sometimes a contract write up and then things happen beyond their control or because of carelessness . Sound like you have a lot of experience where this is concerned.
I have viewed a couple templates from an entertainment lawyer but I can imagine the pot holes yes LOL.
Yeah, I hear you but to showcase the problem and solution as well as SEO, I linked the articles. Also to give context. This post is mainly geared for people off steem.
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That's a good point about it being public, and the two things - clarity and public - is a good start to tackling the problem.
Posts are editable, that's true, but the original will always be there and can be found. There is one country (I'll try and remember its name) that is looking at putting their constitution and other government policies on the blockchain. Some of those will change over time, but each version will always be there and changes can be tracked.
We're only just learning all the things that Steem can be and you are right: the memo function has huge potential.
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Smart contracts for artists are already being used on Ethereum ETH and a similar chains with secure hashrate— they are built for that. Locally we have an opportunity but the general music industry is very well aware of the benefits of Smart Contracts. Steem can manage but it’s not the best option imo. Great video!
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Yeah man, and those contracts are easy to use. Choon and music coins track royalty split is awesome. Steem isn't the best option indeed but it could be used if need be and effectively too. Respect
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Good idea, and for the lack of privacy... i heard about "privacy tokens"
Maybe you make all the details of the contract visible, but hide e.g.the
amount that is been paid...just an "agreed amount is paid" token or something like this...
Greetings Bredda ;)
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Yeah man privacy coins could be a good way of transferring funds anonymously. But how a lot of reggae artiste operate in Jamaica is they get a percentage upfront and the rest as they walk off the stage. For real if there was a way to hide the amount it would be ideal. But I see artiste still loving cash for the next decade at least.
Bless up!
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True, but i doubt that the "fiat cash" will last the next decade ;)
Bless
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I find this a very interesting idea. Using Contracts on the STEEM blockchain 0.001 JAHM is needed to send a contract that can never be tampered with.
I know people who pay shittons of monies to do excactly the same, where the middleman runs with a shitton of money just to be a witness of a contract. This is now available for basicly free. There are huge opportunities in that space. Great article about blockchain to seal record contracts using Jahm
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Respect! Yeah a lot can go wrong with contracts. And this witness middle man business is a waste ( though I wouldn’t mind being in that position:) Of course a more streamlined way could be built for contracts but I think the transfer /memo feature could get the job done efficiently. Using post could work, but they can be edited now.
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The new economy has arrived, and with that we must move forward to stay current, cryptocurrencies play an indispensable role in democratizing opportunities, which is why this proposal is extremely valid to be carried out, it would be favorable for those who show their talents in the networks or on youtube, it would be a guarantee of reward to tie it with a token related to its artistic branch, such as reggae with #Jahm, it would be fantastic for the community. "I would sign up as a writer and have the music added by another.
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It has arrived indeed but all these “first world countries seem to be way behind. This should be the decade this economy breaks out and finds the real use-cases it needs. It could most defiantly guarantee rewards and the evidence interns if contracts would be write there in the database for all to witness.
The writers make most of the money :) once the publishing is secured.
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Well, you tell me, if we undertake a series of compositions to put them on sale to see how we are doing, I am not greedy but it is necessary, the opportunities that arise along the way.
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It is a good idea, you have to exploit all the options of utility to the tokens, and expand its use, in Venezuela they are improving the use of Petro as a commercial currency.
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That is very true. There is a lot to exploit too, but it’s a matter of getting the message to the masses. I feel in the months to come people will be searching “blockchain and reggae”
Yes the petro, I read an article on how the government gave out bonuses during the Xmas season and there were long lines at stores that would accept it. It’s interesting the government of Venezuela can send out digital assets for welfare while the USA still sending cheques in the mail.
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That's an excellent explanation.
Many people do not know the functionality of the blockchain, and all the possibilities it offers in all the businesses that exist and that are about to exist.
It is definitely a good option for those who dedicate themselves to music, without intermediaries, an easy way to contact and make agreements.
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So many possibilities. Though it isn't the best option for doing such a contract it could be used and effectively too.
So many use cases for the real world in blockchain it is just a matter of making the masses aware.
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Yes, of course, but no doubt the number of opportunities the blockchain provides are endless.
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Hello!
This post has been manually curated, resteemed
and gifted with some virtually delicious cake
from the @helpiecake curation team!
Much love to you from all of us at @helpie!
Keep up the great work!
Manually curated by @niallon11.
@helpie is a Community Witness.
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Thanks for the cake, resteem, and up-vote.
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Great debate DMILLIZ , hope Reggaesteem community will come up with a good n simple contract that can be available here.
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