3 Ways Blockchain Tech Will Have a Major Impact on the Entertainment Industry
July 15, 2018
It is interesting to know how Blockchain technology has impacted the entertainment industry. The decentralized ledger of the Blockchain technology has helped to increase transparency and enhance sharing.
Blockchain has actually helped to revolutionize the way music has been distributed.
- Ownership of the asset and content has led to many conflicts. This is like you buy a track but are not allowed to play it elsewhere outside of the platform. Powered by the Blockchain technology a company is coming up as a decentralized platform for music. This is a startup and it aims to address the issues in the streaming and the entertainment industry. This is advantageous because it improves the way in which the content is consumed and distributed The method is very straightforward. It stores the music on the Blockchain, gives protected access by locking them and then gives the key to those who have the right to access it.
- There are restrictions to access the cloud-based services because of geography and because of copyright restrictions. Also, censorship prevents the work to get distributed. The Blockchain technology solves it. The ledger is decentralized which means no one can block the valid content unilaterally. This could be any digital content. The method is to get the content from the source to the customer without having a middleman. It protects copyright too.
- A challenge that is faced is to know if the work is viable commercially. This is a cause of concern for the small artists who still do not have full control. The artists have to pay a huge cut and this hurts. This is even more of a pain for the individual artists. The Blockchain method lets the artist connect to the fans directly and earn the revenue without paying any cut.
TheBlockchain technology has found its way into many industries. At the end, trulycoin, decentralization helps one and all.