The Blockchain is not an uncommon word anymore. It has revamped the face of manifold sectors and industries with its futuristic technology. With elements of almost all sectors interspersing in the entertainment industry, it sure could not be exempted from being influenced by Blockchain. But the question is how and why would Blockchain bring about any significant change in the spectrum of entertainment?
What is Blockchain?
A blockchain is a decentralized ledger system first developed to back up cryptocurrencies like Bitcoin. But over the years its applications have been diversified and Blockchain is predicted to be a major part of human life in the future.
How Has Blockchain Impacted The Entertainment Industry So Far?
It has significantly contributed to reviving different aspects of the industry, the most important of those are listed below.
Payment in the entertainment industry is not one that exhibits proper transparency. Blockchain development technology allows the user or creator to get paid as soon as the distribution of content takes place, with the help of Smart Contracts based on Blockchain, which use crypto-currencies like Bitcoin.
• Security Online
The best names in the entertainment sector have suffered leaks and data-hacks due to cyber-attacks, which have been rising with every passing year. Blockchain employs cryptography, sequential hashing and a decentralized system with end-to-end encrypted transactions which are stored in a ledger that cannot be tampered with. This ensures high security as hackers cannot access the data.
With Blockchain, creators will be able to distribute their content directly to their customer at their discretion by eliminating the need to have huge media houses that chunk out huge parts of total profit.
• Piracy Elimination
Blockchain technology helps generate money more smoothly and safely by minimizing or eliminating digital piracy of content. For instance, the Open Music Initiative that involves giants like YouTube and Spotify use Blockchain in their operations to implement safe rights payments.
• Management Of Digital Rights
Blockchain helps sort the process of digital rights management, i.e. who owns the right to what content, with a sturdy solution with its decentralized system incorporated with a rigid and impenetrable record-keeping ability.
Blockchain is gradually changing the face of the entertainment industry, and almost all other sectors. You can also effectively use Blockchain technology for your business. Get in touch with Openwave to know more or hire unparalleled Blockchain services.