Blockchain In 2018

If 2017 was the year that the world at large became aware of blockchain, 2018 could be the year that it pervades seemingly everything that we touch. Industries of all types saw the decentralized, secure transaction ledgers that blockchain networks could provide and tried to puzzle out how they might be able to make use of the technology in their own businesses. Even people who might not otherwise pay attention to the latest tech trends spent time trying to understand how blockchain technology works.

In an article for Forbes, Nelson Ganadios lays out how blockchain can change the way the entertainment industry does business in the near future:

Royalties

A quick glance at the scores of lawsuits related to royalties payments illustrates the difficulties in entertainment companies paying artists what they’re owed, even assuming good faith and the best of intentions. Using the blockchain as part of the structure of licensing allows for automated payments to artists with smart contracts that keep a record of rightsholders’ information that can’t be deleted or altered.

Crowdfunding

Crowdfunding is an ever-popular way of artists to get their work financed directly by fans and provide these benefactors with the product they helped support. Initial coin offerings (ICOs) provides creators with a new way to finance their projects and a simpler and more secure process to manage their relationship with supporters. As donations come in, each transaction is recorded in the blockchain, meaning each contributor is assured an accurate record of their financial backing. And smart contracts allow for the simple distribution of the promised goods or services when they are completed, without concerns about unfulfilled obligations.

Digital Advertising

Where blockchain excels is in removing the middlemen in transactions between consumers and providers. In the realm of digital advertising, much of the money spent ends up in the coffers of those brokering deals between advertisers and publishers. Using the blockchain, new technologies like NYIAX can bridge the gap between the two directly and allow advertisers and publishers to share advertising contracts without an intermediary. Blockchain also offers the potential for delivering targeted ads in a way that protects user privacy.

Distribution

Avoiding piracy has been one of the toughest goals to achieve for content creators over the past decade. Artists want a way to make their works easily accessible to consumers without unduly exposing it to increased threat of infringement from those who would redistribute their work without authorization. Using blockchain technology, artists can create a simple and secure path for distributing their work to consumers directly that prevents piracy and is easy for customers to interact with.

When it comes to entertainment, consumers want to be able to have easy access to the creative works that they want, and artists want to be able to provide it in a way that ensures they are fairly compensated. With the introduction of blockchain, the entertainment industry has the potential to provide both.