Bitcoin Global News (BGN)
August 03, 2018 -- ADVFN Crypto NewsWire -- Just when you thought
you knew everything that the Blockchain could do, the news went
live about “Our Music Festival.”
In October of this year, San
Francisco’s Civic Center Plaza will be the site of the first music
festival to be backed up by Blockchain technology.
At this point, the question that
all of you are most likely asking is: how can the Blockchain
underpin a musical event?
By all appearances, the main way
that the Blockchain fits into such a picture is through processing
booking fees related to tickets purchased for the event. More
specifically, the organization behind OMF plans to use the Ethereum
network to do this, which means that it can reasonably be assumed
that the booking fees might be calculated in Gas.
To quickly review, Gas is
effectively the measurement for all transaction fees on the
Ethereum network.
One strange part about the entire
offering is that the person who came up with the initial idea for
OMF is actually also the one of the headlining artists at the
event.
While there’s nothing inherently
wrong with using your own event to further another one of your
career paths, some might argue that it goes against the Blockchain
ideal of decentralization.
What truly works in favor of the
event succeeding are the partners that are already behind
it.
From music and entertainment
industry leaders like Spotify, Creative Artists Agency, and
Billboard, to Blockchain entertainment firms like SingularDTV, it
does really seem as if the event is being treated like a legitimate
opportunity to further spread the word about the Blockchain’s
utility.
Speaking to this is the fact that
the event’s founder, Justin Blau, has the overall goal of leading
the music industry on a similar path to the traditional finance
industry in terms of using the Blockchain to make the space’s
middlemen obsolete.
At this time, OMF is one step in
the right direction and it can reasonably be assumed that all eyes
will be on Blau to see what he plans to do next.
By: BGN Editorial Staff
News:
Our Music Festival
(OMF)
Blockchain