Spotify Acquires Mediachain to Advance Services with Blockchain

Spotify, the European streaming music service that took the United States and other parts of the world by storm several years ago, has long been a favorite among listeners for its selection of music and ease of use. Like many other streaming services, though, Spotify has its share of detractors among artists and rights holders, some of whom suggest that the shifting world of royalties is not entirely fair or accurate. Now, in a maneuver aimed at improving and honing relations with rightsholders for the music streaming on its platform, Spotify has acquired the New York-based startup Mediachain, which it hopes will assist in tracking and processing royalty payments. The key to this development will be the use of blockchain technology.