DECEMBER - 2022Media & Entertainment8IN MY OPINION1 IntroductionThe application of blockchain in the media world is usually focusing on two domains: management of digital rights and non-fungible tokens (NFT). Nevertheless, blockchains can have other practical applications in the media chain. This paper presents two such scenarios. They illustrate the potential benefits of using a permissioned blockchain rather than a traditional distributed database.2 BlockchainsMy proposed definition of blockchain is “a blockchain is a secure distributed ledger.”Thus, a blockchain stores the complete chronological records of transactions. Transactions are combined in a data structure called a block. Each block is cryptographically bound to its predecessor, thus creating a chain of blocks.A blockchain is a distributed ledger by construction. No central server holds the blockchain. Every participating node has a complete duplicate copy of the ledger. A peer-to-peer network connects the nodes. Therefore, the blockchain offers high availability and resilience. There is not one point of failure in the system.A blockchain is secure. Each issuer signs its proposed transaction. Each node validates every transaction according to validation rules defined by the blockchain’s governance. Once all the transactions of the block are validated, the nodes engage in a consensus protocol to decide whether to append the block to the blockchain. Once all nodes reach consensus, they add the new block to their copy of the blockchain. Consensus is the most complex element of the blockchain. Many consensus protocols are available. The two most famous ones are the Proof of Work (PoW) and Proof of Stake (PoS)USING PERMISSIONED BLOCKCHAINSEric DIEHL, VP Media and Content Security, Sony Pictures EntertainmentByEric DIEHL
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