A Good Idea Scenario report (Blockchain: Music Industry)

This assignment is about musicians and their pains dealing with record labels. (1500 words) Define a real-life scenario of possibilities to extract a solution. Then propose the in-principal characteristics of the solution set required to fix the root-cause problem and reduce the cascading pain. criteria: Description of a typical day in the life of a musician that touches upon as many problems and pain points that you have identified. (below) illustrate in words the key stages of an end to end processes of the scenario, a high-level one Identify a single hot spot where most of the pain occurs within your scenario/illustration and identify all the actors and then take some measurements where the pain is most intense (As is and need to be) Now identify your good idea (solution) and answer the question of what the To measurement will be if they adopted your solution. (below) Give you observations and assessments of the likelihood of the good idea being adopting. The Pain Points: Ensuring the creation of creative contents Feeling devalued Financial compensation Frustration because they cannot perform core duties How to allocate creative budget Maintaining market share Negative impact on unemployment New talent acquisition Stressed about legal issues Lack of best practice Lack of market share Lack of transparency Loss of trust Stressed and overworked Unfair financial compensation Artists: there are four main pains for the client. The most detrimental being unfair financial compensation, followed by stress and a lack of transparency with vague terms and conditions. Senior management: It can be determined that Senior Managers hold primary responsibility for the output of a signed artist; therefore, issues surrounding legalities and stress are illustrated as the main pains within this segment of the organisation. Middle management: As a result of cross-department collaboration, middle managers indicated stress and being overworked as the ultimate pain for their role; financial compensation and legalities were less of a concern. Mid-range: Similar to SME, mid-range organisations share the same pains. However, mid-range do have the advantages of more significant resources, artistic talent and financial turnover. Contractors and Suppliers: As illustrated, contractors suppliers are most prone to stress. With legal issues and financial compensation still bearing a burden in this segment, the need to satisfy multiple parties within an organisation can be exhausting, and thus outlining the primary pain. Wholesale/Resellers: In this scenario, Wholesale/Resellers encounter no pains. This segment of the organisation is dependent on ensuring the creation of creative content and providing new opportunities Operational: The operational segment in this case are most vulnerable to stress, lack of transparency and unfair financial compensation. This represents the talented artists within the organisation, outlining the pains of the overarching theme. There is conflict in agendas between the operational and management segment; impacting the artists’ creative liberties, decisions and rewards. Corporate: Corporates hold a significant portion of the market, therefore indicating the pains of maintaining market share and the prospect of new talent acquisition. These are the leaders at the forefront of the industry; setting trends, managing the most successful artists and dictating the terms. Government: In this case, the Government face a negative impact on the unemployment rate and strategic allocation of creative budget as the two main pains impacting this segment. Government help establish the infrastructure to the entire organisation, stimulating and encouraging culture, an increase in jobs and new opportunities across multiple sectors i.e retail, film and TV. SME: In this scenario, SME suffer from a lack of market share and best practice. With corporates capitalising on the majority of the market, SME have to improve internal efficiencies and artistic outreach to compete for a larger piece of the pie Shareholders: As visually demonstrated, shareholders are generally less concerned with the overarching aspects of the organization; rather, they are concerned with the dividends and legality of shares. there are are four main pains for suppliers. The most influential being lack of transparency, unfair financial compensation, stress and a loss of trust. Also representing the artists within the organisation, the two departments need a solution to eliminate the forementioned pains as well as balance the pains across the entire industry. A Good Idea: Implementing self-executing smart contracts The characteristics of a solution and personal confidence level: Trust: Very confident Fairness: Very confident Transparency: Very confident Profitability: Semi-confident characteristics that would better fix the pain and the likelihood of fixing the pain: Smart contracts could be implemented to fix most of these pains. Trust and transparency are the nature of smart contracts. Fairness depends on the governing set of rules set by decentralized applications. Profitability will depend on many factors such as the artist’s talent, engagement with audiences, collaborating, self-marketing, etc. Expressing the combination of the required capabilities in a few words: Smart contracts to build trust, grant fairness, be tamper-proof, and profitable.