Studying the Use of Blockchain Technology to Support the Music Industry in Thailand
Keywords:
Blockchain Technology, Music Industry, Supply ChainAbstract
The objectives of study were to: study the problems, limitations, and future challenges of applying blockchain technology in the music industry in Thailand, study the benefits of blockchain technology for the music industry; and suggest the alternative approaches to apply them for promoting the music industry. The research utilized a documented study method and conducted in-depth interviews with five participants, who were willing to participate. They possess knowledge and expertise in blockchain technology and are well-known in social media and Thai society. The study revealed that the ambiguity of laws related to blockchain technology is a significant limitation that needs clarification to fully leverage blockchain's potential in the music industry. Blockchain technology will help address copyright issues and create new avenues for revenue generation in the Thai music industry. It also offers opportunities for new revenue streams, such as music trading through NFTs, special fan privileges, and the establishment of artist-specific ecosystems. This research has led to recommendations for the government to make clearer regulations related to blockchain technology. Meanwhile, players in the music industry may take advantage of this technology to develop their own ecosystems, which will greatly benefit their businesses.
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