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Blockchain obsession is everywhere. The practical reason behind the Blockchain buzz is its potential uses, and applications in the entire digital system. More and more businesses are planning to adopt Blockchain technology. Startups are consulting top app development companies like Cubix to deploy the technology in real-time. Blockchain technology is expected to be a need of every field. The uprising demand of the technology is due to two major reasons: one is robust record-keeping and the other is immutable encrypted data power. Blockchain revolution is taking place in almost every single digital field, including banking, healthcare, education and a lot more. This blog will particularly shed light on the Blockchain technology and how it is disrupting traditional media.
1. Blockchain Technology and the Piracy Issues
Media and entertainment industry is full of piracy. Plus, streaming platforms are also rapidly arising, where all types of media content is easily accessible. Music and entertainment industry is facing a great challenge because of the frequent content availability. Creative individuals behind music and entertainment are not receiving the due compensation for the efforts they put in. The problem can be resolved with Blockchain technology. The decentralization of the Blockchain technology will improve the overall system. Since data is immutable in Blockchain so, it would be easier for the authorities to keep a track of copyrights and media content agreements. Everyone in the system will experience the additions but, no one can alter the data. With the Blockchain’s transparent data recording system, artists and musicians will easily fight against the piracy issues. In this way, the creative can ask for the equal compensation against the efforts they made.
2. Transforming Copyrights and Royalty Matters
It is extremely arduous for the artists to collect fund for promoting their work. Mostly, singers work hard on the songs, but the ownership often taken by the record labels. With the help of Blockchain technology, the royalty matters can be easily resolved. Currently, there are apps coming in the market that allows artist to collect funds directly from the fans. Such apps use Blockchain to record royalties. All the song rights are encoded in the Blockchain-based platforms. It is a more transparent way for collecting royalties.
Moreover, such apps also provide fans with ISO (Initial Song Offering) through which fans can purchase a particular percentage of rights. Singers get paid and song rights move to the app’s wallet for each participant. The Blockchain-based apps are proving to be the best way both for singers and the investors.
3. Media Distribution on a Global Scale
Media content especially films are convoluted to distributing on a global scale. The whole process is quite costly. Blockchain-based platforms like FilmChain makes the entire distribution process easier and transparent. Such platforms don’t require any middleman and automatically compensate stakeholders. FilmChain and other Blockchain-based platforms are capable to reducing cost and expand the people’s exposure for the media content globally.
4. Improved Media Event Management
The distribution of media events tickets is another complicated process that needs to be upgraded. There are various third parties involved due to which the profit margin for the real-world productions becomes significantly low. Individuals mostly buy tickets from third-party platforms, including ticket scalpers and other secondary ticket websites. Because of the involvement of various middle-men or third parties, the authenticity of the commodities becomes a question mark.
Blockchain is the best solution in this case. With the help of RFID tag, NFC chip, and QR code productions can easily keep the irreversible record of the transactions. It will also eliminate the duplication of the real production.
Blockchain Startups for the Entertainment Industry
Already, there are various distribution companies that have been adopted the revolutionary BlockChain technology. Here are a few examples of the Blockchain-based platforms:
Vezt
Vezt is the first music rights marketplace that shares the copyright of the songs and lets you participate in the revenue generation. The app offers a royalty-based financing via an initial song offering ISO. The ISO contains a specific date and time on which the royalty rights will be available to the public.
The app offers a royalty-based financing via an initial song offering ISO. The ISO contains a specific date and time on which the royalty rights will be available to the public. Vezt collects royalties on behalf of the participants, including, fans, record labels, organizations, publishers and more, and track those royalties via exclusive Blockchain technology.
Elephants360
Elephants 360 established on January 2, 2017. The app provides a Blockchain-centric twist on the film production processes and television. It introduces the XEP utility for investing in the product, distribution, and content creation. The app cuts down the involvement of middlemen in visual content production while improving the production process and the overall user engagement.
Fixxo
Flixxo is a fun app that let users earn tokens when they share bandwidth, original content, storage space, and watch advertisements. It is a video sharing community that also involves BitTorrents and smart contracts to make streaming and automatic payment in real-time.
Shortcomings Associated With BlockChain Technology
Blockchain is the ultimate way when it comes to transparency and record-keeping, but it also has some shortcomings. In Blockchain, users can easily access distributed ledger. In some cases, it is fair, but it can be a threat too. The easy users’ access might create problems for the sensitive data.
For example, if there is a movie which not appropriate for some users still it will be easily accessible for everyone irrespective of the age and other important considerations. Some things should be private.
Other than this, there could be attacks on the Blockchain currencies like Bitcoin. Moreover, there are more risks involved like account hacking and DDoS attacks.
Look Ahead to The Future!
There is no doubt that Blockchain can resolve various problems related to data transfer and transparency. But, it also has some drawbacks and therefore, it is not 100% safe. It doesn’t mean that Blockchain is not applicable, companies can still use the technology without completely relying on that. Safety majors and strong controls are required for implementing any new technology in the process.
Author Bio:
Olivia Marie is a digital marketing expert at Cubix, who loves to write content on several latest topics, including Blockchain, B2B business models, application development and much more. She is a keen writer and an active tech enthusiast.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.