Blockchain, Digital Music and Lex Mercatoria

The publication analyses the development of the music industry in the context of blockchain technology, containing an overview of possible areas of application and general advantages. Given the current lack of appropriate legislation, the prolonging value gap and growing transactions costs may prompt the market to develop bottom-up pieces of regulation, sometimes referred to as lex mercatoria (self-regulation of the industry). The issues faced by the music industry are analyzed in the context of transaction costs, based on research commissioned by the institutions of the European Union.