Blockchain in Media Driving the 2 T's- Trust and Transparency

The future of decentralized interaction in the media and entertainment sector would be added with trust and transparency, with the application of blockchain technology.  

FREMONT, CA: The most significant achievement of blockchain is to help entertainment businesses and media monetize. Blockchain-driven digital marketing, search engines, and platforms are now generating a lot of advertising income. A lot of hype around blockchain is time to illustrate the reality for marketers and media businesses.  

The technique of communication in the sector would be decentralized with the application of blockchain technology. By bypassing the channels of distribution, performers could collect a significant proportion of income directly, which would significantly enhance the payback for content contributors and creators. On the other side, performers could use smart contracts to implement license conditions and more efficiently distribute payments.

In the entertainment industry, patent and Intellectual Property (IP) protections generate the biggest problem. The ongoing piracy allowed the members of the unethical sector to profit while the manufacturers of content suffer. Because blockchain could maintain a record of all transactions of a specific asset, approved spectators can transparently monitor all related operations such as content use, property transfer, and content-related smart contracts.

Even the most popular performers are suffering from the problems of authenticating the approval of entertainment-related products. With many pirated goods on the market and a significant amount of individuals choosing to buy concert tickets from ticket scalpers or secondary ticket websites, the market order is disturbing. Blockchain offers a solution to identify commodity authenticity. While providing irreversible transaction documents in the digital globe, blockchain technology can apply likewise to tangible good manufacturing by providing each product with a distinctive identity via NFC chip, QR code, or RFID tag.

The media and entertainment industry as a contract-based space is a fertile land to develop blockchain technology, which has excellent potential to increase profits for content contributors. Evaluating the use of blockchain and making a strategic decision on how to take full advantage of this technology is critically important for companies in the media and entertainment industry.