The Entertainment Industry and the Blockchain Technology
June 29, 2018
A blockchain is a decentralized manner of keeping and preserving records digitally which is remarkably unaffected by tampering because of the way these individual blocks are interconnected to one another and how it is timestamped. The technology was initially developed to back up financial transactions by means of digital currencies. Check out this perfect money bitcoin exchanger.
Although originally established for the finance industry to utilize, the technology on blockchain is evidently benefitting other several industries as well. For instance, the said technology will make it simpler and trouble-free for artists in the entertainment business to receive payments and compensations while at the same time build up the way the end users gain access to media.
The entertainment business is particularly ready for a blockchain as both creators of entertainment and fans stand to gain from the changes the technology on blockchain can produce. Other than getting significant benefits in terms of granting individuals permission to access content, a system that is decentralized can also be utilized to assure entertainment makers are compensated or paid justly and reasonably. It also assures payment for purchases of artwork online.
How does the entertainment industry benefit from the blockchain technology?
Smart agreements or contracts, similar to those made by the Ethereum blockchain, are one of the most appealing qualities of the blockchain technology. They permit factions to create and implement agreements in a safe, absolute and unassailable means. This capacity has many possible applications contained by the entertainment business.
As an artist, getting paid is not constantly an upfront process. Frequently, emerging music artists are stiffed on their payments or royalties. While members of the crew on movie sets aren’t given appropriate compensation. Smart contracts may well aid in diminishing those dilemmas, guaranteeing that these makers aren’t swindled or deceived.
As for the benefit of the end user or consumer, today’s services on streaming are locked systems since this makes it easier for enterprises to safeguard their content. To be able to gain access to these content, platforms or services like Netflix or Spotify is needed. On the other hand, for the blockchain technology, you won’t need to utilize a certain platform’s patented video or audio player. Every single file will have all the necessary data with reference to whether you have the appropriate authorization for you to use any software for you to be able to view movies and TV shows or listen to songs.