The
technological applications of blockchain technology are continually being tried
and tested in a variety of ways on new unsuspecting industries. Entertainment
and media are next in line, as individuals and groups worldwide are exploring
ways to apply blockchain principles and adopt its ethos of decentralization,
democratization, and distribution.
Read on for
the 5 ways Blockchain technology will enhance entertainment and media sharing
1. Decentralized Distribution & Security
Blockchain technology does not rely on a single storage point for all data. Data stored on the blockchain is in ‘nodes’ and all users in a node group both have access to all the nodes and possess an identical copy of the complete node tree. When applied to film and TV, for example, it means that there is no single storage point to draw on. All followers and subscribers participate equally by viewing and using the content while storing it. The added bonus of decentralization is that there is no single point of failure, making it very difficult to attack and compromise the entire system.
Democratized
Building on decentralization comes democratization. Since all
users are technically equal in status and participation under the blockchain
ecosystem, the playing field is leveled. Applying this to entertainment and
media means equal participation among artists, producers, and creators hand in
hand with their followers, users, and viewers.
Smart Contract Transparent Billing
This is undoubtedly the most significant application within the
entertainment and media industry. Recent concerns and dissatisfaction about the unclear
billing models used by some of the Internet’s largest content
hosting platforms have not gone unnoticed. Efforts are underway to create an
ecosystem where the billing is managed by the content creators and not by the distributors and the majority
of revenue is distributed among the developers. By using ethereum smart
contracts, it is clear from the outset what agreement a user is entering into
and billing is initiated automatically when the contract criteria are met.
Cut Out the Middlemen
Blockchain technology by nature is decentralized. How does this
apply to entertainment, film, and movies? Simple. The entertainment and media
industry has been built around central production hubs (Warner, Fox, Universal
etc.). While their creation of today’s industry has been phenomenally
successful, the majority of all revenues are held within the production circle.
Remove the need for the central hub, and the middlemen of film, TV,
entertainment etc. disappear overnight with content creators and users/
viewers are directly connected via blockchain technology.
Global Market
The Internet enabled the disruptive power of NetFlix, Amazon
Music, Hulu, and others with live streaming and a global audience. Now, by
using the blockchain, this can be taken a step further. Through using a global
platform built on the blockchain artists, authors, actors, and developers can
connect directly with their audience regardless of region, country or
demographic, taking control of their follower-base.
Current Steps
Numerous projects are experimenting with blockchain applications:
linking entertainment with social media, content sharing, token production
investments and applying it to specific areas such as virtual reality. While
projects such as TaTaTu, Flixxo, DECENT, MovieCoin, VARCrypt focus on specific
aspects of blockchain technology uptake, a central ‘umbrella’ platform capturing all
of the core tenets is missing. Such a project is hugely ambitious, but
the potential rewards for everyone are exponential.
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