Use of Blockchain Technology in Film Industry
Blockchain technology is the fundamental structure on which the entire cryptocurrency framework is based upon. The main advantage of blockchain is that it is a decentralized technology. Current scenario of film industry: Be it Hollywood or Bollywood, if a film needs to be released it has to undergo different committees and censor boards before releasing a film.
Numerous such global organizations, which provide partnership, exist for worldwide release. The new comers in film industry confront tremendous pressure and problems as they have to struggle hard to get their work done in the market because of predominance of existing distributors and producers.
Blockchain technology in film industry: Use of Blockchain in current environment serves as a decentralized and scalable solution so as to manage the increasing complexity, taking in to consideration the contemporary global networks and digital distribution models. Independent, quick and minimal effort of cost distribution is achievable. With blockchain technology, dealing with piracy and copyright infringement becomes easily approachable. Blockchain technology can address these problems by creating unchangeable record of transactions on any asset of the film (story, idea, and script). Once recorded on a blockchain any asset can be tracked at any time.
Blockchain might not be a permanent solution against piracy, but it can be used to curb the process of leaking content illegally. As every data in a blockchain can be encoded with a cryptographic transaction, the access to upload or modify content will create a permanent record allowing and ensuring a permanent solutionto stop piracy completely.
Blockchain technology will likewise give high chances tosmall players of the film industry to exhibit their work on a wide stage.In spite of the fact that the established players may not feel the tremendous impact, independent and young artists will positively profit.
Let’s take an example: ‘Spotify’ charges 80% of the earnings on every track sold, in this case the songwriter gets only a small chunk of money. As the Blockchain technology will not involve any 3rd parties more benefit can be obtained. The Blockchain in its full expression appears to be a tool that will change the way technology is perceived and handled. Though, in its very early stages of development, the impact of this disruptive technology is already being felt across several fields.
Finally, the film and entertainment industry will not be left out in this technological revolution in the near future.
