Blockchain has become a buzzword in the entire industry. It is only going to traction in the coming years and its importance will grow across the globe. However, not many are aware of the meaning of blockchain and its impact on studios and media companies. It is a technology that can change the way corporations conduct business. It has a number of benefits for every industry and is in the stage of development. Content rights management is an important part of the media industry and it has been surrounded by various troubles and complexities that are peculiar to the industry. Blockchain has the potential to ease all the complexities that surround content rights management. If you are in the media and entertainment industry, you need to invest in blockchain if you have not done yet.
Digitalization has changed the way content is created and delivered across the globe. All media businesses need to manage their intellectual property and blockchain can help do the same. Blockchain is a beauty in itself. The technology offers an excellent approach to storing the content and making transactions. It can help store assets related to the content and also help establish trust. It can function as a database which allows the participants to store information about the content. This includes the creation and ownership details of the content.
A distributed ledger is available which maintains a complete record of the transactions which are known as blocks. And these blocks cannot be altered or reversed after they are added to the chain. The issue related to the security of the information is solved here. Blockchain does not need an administrator to guarantee the accuracy of any transaction. This emerging technology was brought to the fore by cryptocurrency. It can help decentralize the internet including services and businesses. Blockchain was originally used to record the transactions of currencies like Bitcoin and the same is now being applied to different industries where transparency of data is required.
Here is how blockchain can impact the media and entertainment industry.
The need for a distribution system is completely eliminated with a blockchain. The content can be directly released for the consumers without having to strike any deals with the corporation or a media company which will eventually take a huge sum from the earnings. Media companies can use the platform to trade their advertising contracts. You can gain detailed insights from Content Rights Management: 3 Ways Blockchain Technology is Disrupting the Media and Entertainment Industry and learn about the numerous ways it can help the media industry.
Piracy is a headache. Some of the largest organizations have gone through their fair share of data leaks. Right from Netflix to Disney and HBO, the corporations have had to deal with the issues of security. The stakes are high and there are many who are not paying close attention to the security. With the use of decentralized structure, cryptography and sequential hashing, it is possible to make transactions secure and impenetrable for the hackers. With blockchain, it can become possible to match the user with the content so that it is easier for the organizations to compete with pirates.
It is not easy to get paid in an entertainment industry. With blockchain, the entire process will change for the good. It will allow creators to distribute content and get paid immediately. Based on smart contracts, blockchains utilize cryptocurrencies like Ethereum and Bitcoin which can automate royalty payments at a near zero cost. The same platform can also be used for the purpose of crowdfunding. Participants can arrange transactions which allow the contributors to become active investors. They can go beyond simply donating to actually becoming an investor in an organization.
There are many advantages of employing blockchain technology across the media and entertainment industry. The technology has an impact on many other industries across the globe and it has the potential to bring an end to piracy. The information which ones becomes a part of blockchain, will not be edited or altered. This will help in the protection of data and will build trust and loyalty of the consumers.
There is tremendous potential for blockchain to develop and bring about positive changes to the media and entertainment industry. The technology is here to stay and is destined to make major changes across the globe. It helps in the different aspects of media and is an efficient way to protect the data and information. Users can also earn tokens for the purpose of sharing or redistributing the content and in turn these tokens can be used for the purchase of other content.