The blockchain is the ledger of all transactions that took place in Bitcoin or Ethereum It is proof of every exchange that took place in bBtcoin or Ethereum on the network, each transaction represents a block of the chain, It is a widespread database that allows you to keep track of what is happening in the digital crypto-market and avoid fraud.
The platform will automatically find a match of the music detected by the Labelscoin device and it will create a traceability report whether it is played live, in a bar or a club anywhere in the world.
This innovative technology based AI and blockchain will allow the owners to know exactly where, when their music has been played giving them full control of their publishing rights.
Labelscoin blockchain does not exclude anyone, all players in the music industry are involved. All stakeholders will be remunerated in real time and in a fair and transparent way.
The literal meaning of smart contract is “smart contracts”. In concrete terms, they are software based on blockchain technology.
More generally, smart contracts help people exchange money, transfer property and anything else of value in a transparent way and without resorting to the services of an intermediary.
The first step is entering into a contract. The two sides then transcribe the clauses into a smart contract.
Subsequently, the “smart contract” is inserted into the blockchain. The participants (the nodes of the block chain) verify the accuracy of the information reported, therefore the digital agreement becomes part of a block.
At this point, blockchain users validate the block via the Proof of Work (PoW) mechanism. Those in charge of block validation in turn receive the LBSC cryptocurrency as a reward.
Once the operation is completed, the block containing the smart contract is added to the blockchain. From here on, the responsibility for monitoring that the conditions of the contract actually occur is entrusted to a third party agent as Etherscan.
As soon as the app sends the signal to the blockchain that one or more conditions have been fulfilled, the latter automates the execution of the smart contract.