Blockchain in Media and Entertainment: Restructuring Business Operations
Media Entertainment Tech Outlook | Thursday, July 18, 2019
Blockchain technology carries the potential to deliver multiple benefits for the entertainment industry.
FREMONT, CA: Today the emerging technology of blockchain covers various industries and delivers multipurpose applications across the global market. Its un-ignorable impacts are also visible in the entertainment and media industry. The ability to protect and build an easily accessible data has interestingly led its way into the entertainment industry. The encrypted and secure digital-based structures provide greater transparency to the distributed networks and allow the members to track and audit easily. Take a look at these fascinating blockchain applications accelerating the industry.
• Content Distributions and Micro-Payments
Implementing the blockchain technology can decentralize the communication and increase the audience reach through different channels. Raise in direct access affects the revenue to grow and improve the payback scenario for creators and contributors. Advantages like a smart contract can enforce license terms and distribute payments more effectively. The stability of cryptocurrencies can eliminate the expensive fee transactions or exchange rate fluctuation for the content consumers. The benefits of independent access through the blockchain also include revenues from downloads and streams.
• Piracy and Content Protection
Challenges like content piracy let unethical individuals or organizations steal the profit from the creators and legal content distributors. As the blockchain records all the transactions for very particular data, it will be easier to track and avoid content piracy effectively. The distributors and creators can authorize the viewership and successful claim all of its profit.
• Authentication Management
Blockchain can help to detect and purchase authentic and authorized products without being bluffed. There are countless pirated products circulating in the market, and a large number of people struggle to avoid unethical investment. The permanent records in the blockchain can help the manufacturers to tag the authenticity of the product, and customers can easily avoid duplicates.
Entertainment and media industry holds great potential for the advancement of blockchain application. Introducing the transparent business environment can reduce the time and energy investment on verifications and transactional settlements, and emphasize on improving the quality and effectiveness of the content.