Applying Blockchain To Media And Entertainment

Blockchain is mostly synonymous with cryptocurrencies, but its use cases are not limited solely to the exchange of cryptocurrencies; rather, there are countless applications of the same. Blockchain is a distributed, decentralised ledger technology that helps to store data safely and efficiently, making it freely available to the user. Because of its multitude of features such as roots, accountability, data protection and no third-party interference, there are many use cases of Blockchain. All of this helps the media and entertainment industry benefit from Blockchain as well. We will address some of the common use cases of Blockchain in the media and entertainment field in this article.

Make Micropayments- The guarantee of micropayments is one of Blockchain’s first use cases. The maker of most content makes its content accessible to consumers behind subscription-based paywalls. Nevertheless, in this, they lose on consumers who may not be prepared to take up the whole subscription, and they may be able to pay a lower binge-watching or listening fee. In these cases, micropayments driven by Blockchain may become useful. With Blockchain’s support, the data can be registered and how the copyrighted material is used can be better monitored.

Elimination Of Content Aggregation- next Blockchain’s big application is the aggregation of content. By removing the presence of third parties, Blockchain enables content creators to communicate directly with the user. Enabling the producers of content to have more control over their content. To all the writers, artists, video producers and others, this will be beneficial.

Royalty Distribution- Because of the complexities involved in it, the process of royalty distribution may become problematic. For instance, streaming services for music are opaque. Each time a song is performed, it must be paid for by the music creator; complications occur due to the inaccuracy in the allocation of royalties.

This issue can be resolved easily by intelligent contracts. As soon as the music is streamed, these automated contracts secure payment. This would establish more openness in the system. It will remove the need for third-party intervention in the system.

Direct Customer Interaction- Direct consumer interaction can be initiated by the best use of Blockchain in the media and entertainment industry. Since no third party is involved, without depending on the third party, all the communicating parties will communicate. This interaction between peers makes the scheme much more transparent and stable. Moreover, by keeping the whole process safe and secure, it will ensure quicker payment.

What’s Next Then?

These were some of the use cases for the media and entertainment field of Blockchain technology. We will see an increase in demand for Blockchain professionals in the coming years, who will assist in the quicker adoption of blockchain technology. If you are willing to become a specialist in this area, you must contact the Blockchain Council. In Blockchain and related fields, you can sign up for the best online certificate program here. Connect with the Blockchain Council today for more details.

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