NEW YORK (TheStreet) -- Musicians aren't particularly happy with any streaming music service -- Apple's (AAPL) Music, Pandora (P), Spotify or Rhapsody, Tidal or Rdio.

But a solution may be found in that much-maligned digital-currency known as the Bitcoin. By partnering a cryptocurrency with a central database of music rights, a streaming service such as Apple Music, Pandora or Stockholm-based Spotify could accurately and promptly divide a payment for a single streamed song, according to music industry experts. A system that combines efficient tracking of payment rights with the immediate transfer of money owed could lead more artists to make their music available on streaming services, ultimately boosting their use and value.

Currently, tracking music rights payments is so convoluted that songwriters, backup musicians, publishers and superstars such as Taylor Swift can't determine whether they're being paid fairly, or at all. Streaming services have exacerbated the problem. Low payments were one reason Swift cited for holding her music off Spotify last year.

"The [current] economic system is no longer viable," said Panos Panay, a researcher at the Berklee School of Music in Boston. "The more we looked into it, the more we thought... Bitcoins could really work."

Bitcoin attracted enormous attention following its 2009 launch when adherents declared that it could fix the global banking system by providing an efficient way to transfer funds between people and businesses. Bitcoin eventually fell out of favor due to a lack of adoption, high volatility and a few high-profile snafus that smelled of improprieties. A single bitcoin is valued at around $288 these days, well off the peak of over $1,000 just two years ago.

But its underlying functions are being touted as a means of facilitating instant and transparent money transfers between musicians and labels on one end and streaming platforms on the other.

"Why shouldn't it be possible for that money to make its way to me, not in 18-24 months which is the average right now, but in two days, three days?" Panay said.