PeerTracks music royalty technology is complete after beginning development in 2014 and claims to be the “future model” of how musicians will be paid instantly for streams. The system can handle 1117 million transactions per second and the technology, SounDAC, was one of the originals available for private use.
The developing technology has made appearances in the press over the years, but founder Cedric Cobban explained the process in depth to Inquisitr.
“A network of miners make money by facilitating transactions on the blockchain – streaming on PeerTracks is the transaction – mining revenue is split, the miner makes a small fraction for his/her contribution by keeping the network alive – the other portion of the mining funds goes to pay royalty cost,” Cobban said.
“SounDAC takes instruction from a smart contract – SounDAC reads the data splits from a smart contract – Songwriters, labels, publishers, PROs – whatever the split is, if you record it in our RMP, Rights Management Portal, it will be executed as written.”
The idea of PeerTracks is to eliminate having to register creative works on multiple databases and simply input the metadata once. The technology then uses a SounDac to distribute royalties evenly to content owners, who are also able to track their streams through the platform.
PeerTracks then reports the length of time the song was streamed with the content owner’s username to the SounDac, which reportedly pays the royalties to copyright holders instantly once they register. Artists can input information on the royalty splits directly into the platform, which ensures that multiple writers and rights holders are paid evenly.
PeerTracks claims that royalty payments are redeemable the following day directly from the SounDac with “no human intervention required.” The technology is also subscription and ad-free for listeners, serving as the middleman for royalty holders and creatives.
On the launch, CEO Eddie Corral said, “There has been so much talk about Blockchain technology over the years… While everyone was imagining what could be done, we were immersing ourselves in the technology and developing PeerTracks.”
He added, “It took a lot of time and dedication from our small team of developers and music business professionals, but we have something special here. We are proud to be launching both PeerTracks and the SounDac blockchain to a widening audience.”
This new technology is aided by the Rights Management Project (RMP) and is pitching it’s services to major labels, independent labels, publishers, producers, and singer-songwriters.