The Bitcoin network allows one to transfer tokens called bitcoins, and to date these tokens have been used to represent money. But there’s no reason they could not represent a particular instance of a song or a book or a movie.
Particular music files could be associated with a particular user’s public Bitcoin addresses and encrypted in such a way that the user’s corresponding private key is needed to play the songs. Selling, lending, or giving away a song or a book would be as simple as sending it to someone else’s public address. At that point, only recipient’s private keys can unlock the file. And this would all be cryptographically provable, without requiring trust.
An astute reader will have noticed that this would essentially be a kind of universal digital rights management (DRM) scheme, and that’s certainly the case. But unlike traditional DRM, the system would not rely on central corporate authority, but on a decentralized network that is quickly emerging as a new standard Internet protocol. Alternatively, no DRM can be employed and the blockchain can simply serve as registry to legitimate transfers."
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