All new technologies and products need to solve a problem or be a significant improvement on the prior system in order to achieve widespread adoption. Blockchain applications and smart contracts are uniquely well suited to applications in music copyright and intellectual property. Financing, distribution, transparency, data attribution, payments, composability, marketplaces, community, and removing gatekeepers are all key elements of the crypto ecosystem.

A key innovation of Web3 is smart contracts. Smart contracts are programs stored on the blockchain that run when certain conditions are met. Smart contracts define rules like a regular contract and automatically enforce them via code. The major innovation of smart contracts is that you can program functionality into assets on the blockchain.