Blockchain Technology Intervention in Entertainment Industries
Reading Time: 4 minutes Blockchain technology is currently experiencing an explosion. It is seeing an increase in usage as businesses and governments around the world start realizing its importance and potential power. Blockchain was originally created as part of the Bitcoin cryptocurrency and its surrounding network. This technology allows for non-repudiation of data, has no centralized control, and offers a great degree of transparency.
As you will see below, this has numerous benefits in the world of digital business. Blockchain technology is being used in various industries, but one sector that it is making real headway in is entertainment and media. The entertainment industry including film, TV, gambling, and music can really benefit from blockchain technology.
We are already witnessing a host of new businesses and ventures that are offering diverse blockchain solutions. Furthermore, many big corporations within the entertainment industry are also exploring its usage. Read on to find out how it is currently being implemented.
Table of Contents
Reduce piracy
Piracy has been a thorn in the entertainment industry’s side for many years. We can get access to pirate material with relative ease. This might seem harmless, but in fact, those who are suffering are the people involved in creating the things we copy without permission. Blockchain technology can be used in several ways to combat piracy.
First, it can serve as an immutable ledger of data and transactions. Secondly, it can track distribution of entertainment products such as film, music, and TV. Moreover, companies such as Custos Media Technologies are creating Bitcoin bounties – these bounties provide a small incentive to people to report piracy.
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Improve copyright and provenance processes
Trying to gain copyright can be an absolute nightmare for those within the entertainment industry. It is a lengthy process and you may have to gain copyrights for several activities.
Film producers could have to obtain copyrights for anything from screenplays and scripts to the design and creations. Blockchain technology can really improve this whole process.
Blockchains can be used to create non-repudiable records of copyright data. Furthermore, the records will be transparent and anyone can access them. Veredictum, for example, is a platform that uses blockchain technology so that authors can protect their manuscripts with copyright right away.
Ensure everyone profits accordingly
The financial side of the entertainment industry is often mired in controversy and underhand dealings. This can ultimately mean that artists and content creators do not get paid what they should.
In recent years we have witnessed a surge in startup businesses that look to address this using blockchain technology. FilmChain, for example, uses the Ethereum blockchain network. This platform looks to provide greater transparency by creating smart contracts for those involved in creating entertainment products.
Manage assets easier
Everything to do with the financial and managerial side of the entertainment industry could benefit from an overhaul. Managing assets can be difficult and many big companies are looking for alternative means.
This is where blockchain technology can make inroads. Comcast Ventures and Warner Music, for example, are two well-known companies that are both looking to use blockchain to manage their assets.
Furthermore, Sony looks to follow suit and use the decentralized technology to help improve its process of securing digital rights.
Provide easier management and ownership of art
Content creators often struggle to manage their own work. They have to make use of third-party distributors or enlist the service of a manager, for example. Startup companies such as SingularDTV can help solve this issue. SingularDTV is a blockchain-based platform that content creators used to produce and distribute their work.
They are given great control over their products and can monetize their work through the platform too. This gives more freedom and reduces the reliance on third-party distributors and managers.
Offer alternative platforms and means of selling work
Gaining a name for yourself in the entertainment industry can be difficult. There is so much competition in every entertainment field – music, art, film, photography, etc. Blockchain technology, however, is looking to help give new ways to content creators to share and promote their work.
Startup platform Yours offers payment to content creators. Aside from this, creators can also set their own fees for how much they get paid when users view their post. This promotes the generation of new entertainment content and also helps artists to be rewarded for their work.
Creating improved means of sharing content
Imagine a social network that everyone can profit from by sharing music, video, images and other forms of entertainment products? There is such a network called Steemit that is gaining popularity and continuing to grow. This platform uses a unique idea.
Basically, users can gain funds (either cryptocurrencies or fiat) by promoting their own work or promoting the work of others. As posts gain popularity and views, the author gains a financial reward in the form of Steem currency. This can be exchanged for other currencies. This platform is, of course, based on blockchain technology.
Proving fairness in online casino games
When gambling, we know very well that the casino will win eventually, right? But do we know that online casino games are fair and giving us a fair chance of winning? This has always been a concern for those who enjoy online gambling. It has also been difficult to prove despite third-party audits, licenses, etc.
Blockchain technology sets to address this issue. Casinos can now create smart contracts using blockchain to prove that their systems are fair and truly random. Moreover, gambling websites are actively implementing cryptocurrency as a method of payment. Now, it has a great usage in a list of games across Bitcoin casinos. Blockchain makes financial transactions fast, transparent, and peer-to-peer.
As you can see, blockchain technology really can push this industry forward. It can help overcome issues of piracy and copyright infringement. Furthermore, it can provide total transparency and give customers greater experience in platforms such as online gambling.
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