It would also be a great way to automate and organize royalty payments. Within the network, each song, rights-holder, creator, etc., would have its own address. A “smart contract” could then be set up, which would connect all of these addresses and automate their interactions with each other. So, each song would have its own address, connected to everyone who is affiliated with the song.
Any time a service like YouTube or Spotify used the song, they could issue a payment through the network. The payment would then be split and redirected appropriately to the addresses of everyone who is entitled to a piece of the payment. They will also be able to tell where the payment came from.