When we talk about Blockchain, we don’t usually combine it with media and entertainment. This is because the term blockchain is closely related to Bitcoin’s revenue. In the past, people didn’t know much about technology.
However, Blockchain has a lot of real practical applications because of the security, immutability, and transparency it provides — cryptographic currencies are only a fraction of them. In today’s world where information has such valuable value, we need technologies like Blockchain to help protect and protect data and prevent it from falling into the wrong hands. Not only that, Blockchain has the ability to improve the workflow multiple times.
Blockchain stores data in encrypted formats. The data stored in a block chain does not remain under one unit, but rather due to the decentralized nature of the technology, the data is stored in all systems over the network of that particular block chain. When creators themselves store data, the chain of custody gives them the right to own that data. This is due to the decentralized perspective of the block chain.
Blockchain also helps to create a sense of trust and security among the completely unknown.
Each event stored in a block chain is locked with an encryption key called a hash, and copies of the data are distributed to each member of that block chain with its own unique hash keys. Therefore, there is no possible way to hack the system. Therefore, the technology is transparent and reliable.
Challenges for content producers in the media and entertainment
Currently, the global entertainment and media industry faces some challenges that can be addressed through the transparency and security offered by blockchain technology.
Content producers, including musicians, artists, game developers, and others working in similar creative professions, often find that their intellectual property rights are infringed and their hard work is copied, copied, and sold without their consent. There are several peer-to-peer (P2P) websites that facilitate this type of cyber piracy, and it is extremely difficult for content producers to track who accesses their work through illegal and unethical means.
Most of the time, authors find that they make a lot of intermediaries or individuals who act as mediators through which they can reach a wider audience or even to obtain their intellectual property rights. Digital Management Rights software delivered to content producers is also incapable of resisting hacking attempts.
In addition, these intermediaries charge numerous fees for providing artists with more access to online platforms and other platforms per se. In the post-pandemic world, large audiences have moved to streaming platforms, so artists and content producers are also trying to reach their target audience online. But these brokers often charge illegal sums that cause artists to lose income. This revenue stream is the only way artists make money, and the traditional system through monopolistic intermediaries shows that it is detrimental to the growth of any content producer.
How can Blockchain solve the problem?
- The idea behind Blockchain technology is that it allows content providers to upload 1 content directly to the platform and also track the distribution model and process customer payments directly. In addition, the immutable technology provided by the barrier chain provides permanent safety and protection.
- Brokers have no space in the block chain. As a result, the hassle of paying the broker is completely eliminated and ignored, and the content producer can easily focus on creating quality content and manage their production costs properly. They can also reach the customer directly and collect payments from them as well, while all transactions are tracked and recorded, preventing any possibility of errors or mistakes. The content producer’s revenue share will increase while their intellectual property rights are securely secured.
- The use of smart contracts improves the speed, accuracy, and functionality of the overall transaction execution process. The parties can define clear contract terms and implement them well. It also helps keep track of content whenever it is used and for what purpose. There is an extra level of transparency here that eliminates any dispute that may arise later.
- Using a blockchain is quite cost-effective than other methods for managing the entire process. Content such as articles, graphics, etc., can be sold on a per-user basis, and the whole process can be automated. This helps save on software and administrative costs.
In summary, Blockchain technology can be very useful for the media and entertainment industry because it not only provides security for the content you create, but also saves additional costs by eliminating unnecessary intermediaries and other administrative costs. Blockchain technology can help artists manage their own income stream and act more independently, more productively, and also completely effortlessly.