Major Blockchain Applications that Can Reform the Media Industry
The advent of cryptocurrencies and blockchain technology has started to disrupt many industries around the world. The media and entertainment industry can benefit immensely from blockchain technology. There are several usecases given how media consumption has been impacted with more tech savvy consumers and the unchecked rise of piracy.
With the implementation of blockchain technology, the media industry can enable a decentralised marketplace that cannot be altered or tampered with. It can provide real time solutions to protect intellectual property and monetize it. Media content consumption has changed dynamically with consumers becoming more and more tech-savvy, but the methods to track and check the illicit distribution of content and charging any fees has not lived up to its counterpart.
Blockchain technology can also monitor and execute binding business agreements using smart contracts. Transactions can be automated and executed based on delivery of contracts. Participants can benefit from security and transparency of funding, contract enforcement, payments, etc. Let’s take a look at areas in the media industry that can be benefited by blockchain technology.
Micropayment Systems or Content Consumption
Content consumption in the media industry can be streamlined and systemised with blockchain technology. Pay-per-use content consumption can be implemented with micropayments. This can be determined and executed based on precisely tracking when media content is consumed and how it is consumed as well. This process can be automated and cost-effective with the help of blockchain tech.
Enabling Direct Content Distribution
With the help of blockchain technology and its decentralised network, content creators can directly distribute their work to their end customers without the help of middle men. Blockchain tech can help them surpass traditional distribution channels and reap significantly larger revenues. These applications are not limited to large media houses or corporations; it benefits independent content creators like bloggers or musicians.
Enabling Royalty Distribution through Smart Contracts
With the help of blockchain-based smart contracts, media content could add precision, speed and trust to contracts, by executing term automatically among eligible parties. The usage patterns of media content can enable the upholding of copyrights and royalties. Smart contracts can also provide proof of ownership of digital media assets.
Validating Consumer to Consumer Sharing
With the rising trends of piracy and copyright violations, blockchain can legitimise a peer-to-peer media content sharing system. When digital copies of content are shared by one consumer to others, content owners can charge them a fee and solicit such distributions. Not only will this provide better transparency on the consumption and distribution of copyrighted assets, but it will also create an additional stream of revenue for content creators.
Crowdfunding Content Creation with Tokens
Media houses and content creators can also derive crowdfunding opportunities from blockchain tech based ICOs. Not only will they be able to build stronger relationships with their consumers and investors, but they can securely record funding transactions and provide investors with end to end information. The sale of these smart contracts will be bound by smart contracts and can therefore secure and automate contract terms and conditions with vested parties.
Blockchain technology has the power to disrupt the way content is handled in the media and entertainment industry. It opens a wide range of opportunities for content creators to secure, monetize and distribute their content.
