Applying Blockchain To Media And Entertainment

Blockchain is often synonymous with cryptocurrencies, but its use cases are not strictly restricted to the exchange of cryptocurrencies; instead, there are countless applications of the same. Blockchain is a decentralized distributed ledger technology that makes it freely available to the consumer by helping to stable and secure data storage. Because of its multitude of features such as provenance, transparency, data protection and no interference from third parties, there are many use cases for Blockchain. All of these make the media and entertainment industry profit from Blockchain too. In this article, we will address some of Blockchain's common use cases in the media and entertainment industry.

Blockchain uses:

Make micropayments- One of Blockchain's first use cases is to guarantee micropayments. Behind subscription-based paywalls, most content owners make their content accessible to consumers. Nonetheless, in this, they lose on the users who may not be prepared to take up the whole subscription, and they may be prepared to pay a smaller fee for binge-watching or listening. Blockchain-powered micropayments may become useful in these situations. With the aid of Blockchain, the data can be registered and how the copyrighted material is used can be better monitored.

Elimination of Content Aggregation- The next major application of Blockchain is the aggregation of content. By removing third-party interference, Blockchain enables content creators to communicate directly with the user. This allows the producers of content to have greater control over their content. Both writers, singers, video producers, and others can find this helpful.

Royalty distribution- Due to the complexities involved in it, the process of royalty distribution may become problematic. Music streaming sites, for instance, are opaque. Each time a song is performed, it must be paid for by the music creator; difficulties occur because of the inaccuracy in the allocation of royalties.

This issue can be solved easily by smart contracts. As soon as the music is streamed, certain automated contracts guarantee payment. This would create more institutional accountability. It would remove the need for the system to include third-party participation.

Direct contact with the user- Direct interaction with the consumer can be initiated by the best use of Blockchain in the media and entertainment field. Since there is no third party involved, without depending on the third party, all the communicating parties will communicate. The framework is much more open and safe through this peer-to-peer interaction. In addition, by keeping the whole process safe and secure, it will ensure quicker payment.

And what's next?

There were some of the media and entertainment industry's use cases of Blockchain technology. In the times to come, we will see an increase in demand for Blockchain professionals who will help incorporate blockchain technology more rapidly. You must contact the Blockchain Council if you are willing to pursue a career in this area. You should participate in Blockchain and allied fields here for the best online certification program. Connect with today's Blockchain Council for more details.