Blockchain Technology in Entertainment Sector: Is There an Impact?September 6, 2018
Although developed for use in the finance industry, blockchain tech is offering advantages for several fields. When it comes to the entertainment industry, the technology could make it simpler for artists to get paid while enhancing the way the consumers access media.
As described in many articles, a blockchain is a decentralized way of keeping records digitally which is extremely tamper-resistant. That’s thanks to the way people blocks are connected to one another and timestamped. That kind of technology was developed to support financial transactions such as cryptocurrencies. However, it’s already presenting advantageous for industries apart from finance.
The entertainment sector is ripe for a blockchain revolt as fans and creators alike stand to take advantage of the changes the technology can bring. Not just could a decentralized system present massive advantages in providing people access to content. It could also be utilized to ensure creators are compensated fairly.
Benefits of Blockchain in the Entertainment Sector
Like those made possible through Ethereum blockchain, smart contracts are one of the most appealing features of the blockchain. It enables parties to make and perform agreements in a safe, immutable way. This capability has several possible applications within the entertainment sector.
In case you didn’t know yet, getting paid as a creative isn’t a straightforward process. Too frequently, up- and coming artists are stiffed on their crew staff and royalties on film sets do not get enough compensation. Luckily, smart contractors might help mitigate those issues, making sure creators are compensated fairly.
As for the benefits of the consumer, the streaming devices of today are closed systems. That makes it simpler for corporations to safeguard their content.
On the other hand, the blockchain makes it feasible to track permissions in a more sophisticated way. You don’t need to use a specific platform’s video or audio player. Single files will have all the data they need whether they need proper credentials. That makes it possible for you to employ whatever software you prefer you like to watch your favorite shows or listen to music.
Blockchain could also make it simpler to access media through bypassing several of the geographical limitations on services such as Spotify and Netflix. A decentralized ledger is not stored in any specific location. Thus, the period of regional broadcasting contacts might end finally.
Then there is the possibility for cutting down on privacy. You are aware that blockchain is not anticipated to end unlawful content sharing totally. It could compromise creators better ways of keeping track wherein their craft is being distributed without their permission.
A good example of this is XinFin. XinFin (XDCE) has their Multisig Wallet which is an ideal tool for those creators seeking for safe storage of their cryptos. They are also ideal for who is searching for a settlement solution in those cross-border payments.
The Future of Entertainment Industry
The entertainment sector grew massively over the course of the past years. Consequently, a status quo has developed in which a company executive, as well as their top-tier artist, make significant amounts of money, while some below them do not get enough.
The efficient use of blockchain could make the entertainment sector more equitable and fairer, while also presenting practical advances which transform the way people consume media.