How Blockchain Technology can transform Media and Entertainment industry?
Introduction
The media and entertainment industry are primarily based on relationships which means the content creators are often taking disadvantage through stealth profits and middlemen margins. Artists were never enlighten or exposed to the intricacies of business, finance, and law relative to their artistic expression and creativity. Blockchain Technology in Media and Entertainment eliminates fraud, reduces costs, increases overall transparency. Moreover, Blockchain Technology is putting a significant impact media and entertainment industry like other sectors.
How does blockchain transform Media & Entertainment industry?
Blockchain Technology has the potential to transform the working, delivery, and consumption of media and entertainment. In contrast to it, the legacy systems would not designed to manage personalized content, manage complex, and service bundles. Earlier it was extremely difficult to manage digital rights, transactions among a large number of intermediaries, and royalty collections. This blockchain could counter the issue related to fraud.
Reduce infringements
Blockchain has the potential to track the supply chain of any sector and reduce piracy of intellectual property, and digital content protection. It is a shared ledger approach to improve the media supply chain and reduce infringements related to copyright by adding security, control, and transparency.
Fraud detection
Blockchain targets the right people timely and effectively, and counter fraud techniques such as domain spoofing and bot networks. It also creates impressions and clicks that could not triggered by humans. Moreover, the shared ledger helps to provide transparency, efficiency, speed, security, and control across the media supply chain for all transaction processes.
Transparent and accurate advertisement
The transparency in advertisement helps to eliminate waste by identifying and cutting intermediaries’ costs in the process. The technology helps to target the right people with more relevant and timely advertisements, reduce advertising load, and optimize advertising revenue. The technology can also help the industry to operate in a more effective manner within the business networks with consensus, immutability, finality, cost removal, reduced fraud, and provenance.
Waste reduction
Blockchain is eliminating content aggression and allowing content creators to interact without the inclusion of costly intermediaries. The industry remains largely convoluted with multiple middlemen from streaming platforms for content aggregation diluting revenues for involved parties. However, smart contracts have automated the consensus mechanisms.
Enable micropayments
Blockchain records the usage of every piece of content, once the content creator registers his property on the blockchain platform. It enables real-time, transparent, and flexible consumption-based pricing mechanisms. Smart contract will have utilized for the execution of automatic micropayments between creator and consumer.
Streamlining of royalty payments
The artists can upload their original works, control licensing options, and manage distributions on a block-chain based platform. Smart contracts could program automatic payments to the creator’s account and royalty payments.
Conclusion
In conclusion, blockchain incorporates benefits beyond intellectual property protection in Media & Entertainment industry. It understands the complexities and vastness of the industrial networks and tries to resolve the issues related to digital rights, transactions, frauds, etc. The business handlers should consider such technological applications and consult remarkable blockchain development companies.
