Blockchain Revolution: Opening Transparency And Protecting Musicians In The Digital Era

Illustration of NFT music. (Freepic)

JAKARTA - The development of digitalization brings significant changes in the music industry. One of the latest trends that is a challenge solution in the Indonesian music industry is NFT (Non-Fungible Token) technology.

In an effort to provide protection against works of art, including music and paintings, Vexanium blockchain technology launched a digital platform called improduction.io in December 2022. This platform prioritizes the use of NFT technology as a form of protection against artwork.

The launch of the platform was attended by several well-known musicians such as Yuni Shara, Once Mekel, and Sania. Danny Baskara, founder of Vexanium, explained that blockchain uses Smart Contract or Smart Contract technology which transparently records every sale of art work assets, both songs and paintings.

"Vexanium Protocol is always at the forefront of supporting the development of digital technology which has a positive advantage over the growth of an industry," Danny Baskara said in a written statement received by the editors. The presence of this platform was welcomed by music industry players such as the CEO of the RPM record label, Octav Panggabean. He believes that digitalization will make the transparency process in the music industry more open.

"I certainly really support it if there is new digital technology that can provide added value in terms of protection and transparency towards works of art, especially songs," said Octav Panggabean, CEO of Royal Prima Musikindo. Veksanium itself is an open-source public blockchain protocol and smart contract platform that allows developers to create blockchain-based projects. "I am optimistic that NFT through its Smart Contract is the future of industries related to works of art, especially music and paintings," said Indra M Putra, Founder of MYDIO Tech and Vexanium Advisor.