Revelator raised $2.5 million this week by promising to efficiently track music rights and distribute royalties to rights owners.
To do that, the startup is using blockchain — best known as the technology behind Bitcoin — to get money to musicians and managers more quickly.
A blockchain is a shared ledger that can record almost any kind of transaction. For Bitcoin, the blockchain keeps a public record of financial transactions made using the digital currency.
The key innovation is that blockchain doesn’t require any central control.
Revelator is harnessing that technology for the music industry. The immediacy of blockchain’s record-keeping allows Revelator to track uses of digital assets and get royalties of any size to those owed as fast as possible. Read more…
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