How Can Blockchain Impact the Entertainment Industry?
In our blog, we talk a lot about blockchain and its benefits for different industries. This time we want to discuss the entertainment sector and how blockchain can impact it. As you might know, blockchain is an innovative technology that can store large amounts of data. The ample storage is not the only advantage, blockchain is highly secure, so information on the system is uncompromisable. Besides its security benefits, this technology also has a significant level of transparency and immutable nature, making it an efficient anti-counterfeit tool. All together, these features can revolutionize many areas in our lives. One of them is the entertainment industry.
Entertainment has been a significant part of our lives since ancient times. We can’t imagine living without music, movies, art, or television. However, as casual as the industry might seem, it takes much effort to make it as it right now. Artists, producers, and other stakeholders face many risks and disadvantages. Yet, most of them could be solved by implementing blockchain technology. In this article, we point out the major niches in the entertainment industry that could benefit from blockchain technology.
Entertainment and Blockchain
Movies – we watch movies almost every day. It became so easy to access visual content that we don’t even consider how it reaches us. Market giants like Netflix, Amazon, and HBO inspired the growth of mass production. That caused a disadvantage to artists and producers because they have to pay additional costs to satisfy the middleman. It didn’t take long for creatives to discover blockchain. So how could blockchain change an existing situation? The solution is simple – blockchain-based platforms. These platforms would allow sharing movies without any middleman involved. It would save much money and liberate the entertainment niche. Not to mention, it would inspire the broader distribution of films around the world which would make the industry more accessible.
Games – the gaming sector is known to be innovative, so blockchain is also not a new thing. However, there are still plenty of threats to the industry that blockchain could solve. For example, the gaming community could use blockchain to secure virtual exchange. While many gaming platforms use virtual assets, players could buy and sell them using blockchain. In that way, transactions would be encrypted and secure. Also, gamers could see if the item is authentic and worth the cost.
Copyrights – the rise of internet production caused issues for the artists and performers as their copyrights are often being violated. When a piece appears on the internet, it is almost impossible to protect its distribution and legal possession. Blockchain-based smart contracts could change this situation. Features of the technology can raise the accessibility and visibility of documented copyrights. It uses timestamping which can help to identify when and where the contract was signed and ensure that it exists. Therefore, it would be easier to enforce legal regulations on users and artists.
Art – the art sector is evolving but still needs some digital improvement. Why so? Just like other industries, it gets more vulnerable due to increased internet usage. It costs tons of money for artists, collectors, auction houses, and other art-related stakeholders when pieces are stolen or counterfeited. Thus, with its anti-counterfeit solution, blockchain could be beneficial for the creative industry. By registering an artwork on the system, a producer could ensure that all legally involved parties could track provenance and possessions of the piece. As a result, it would eliminate the number of fraudulent works.
Like many other areas in modern times, entertainment also requires improvement to fight appearing risks such as highly regulated and charged distribution, hazardous exchange, counterfeited goods, and copyrights breaching. All of these acts need thorough attention and immediate actions. Blockchain, as one of the most versatile technologies of our age, can offer a solution for most of these problems. By embracing innovations to such industries like entertainment, we can reshape it and transform the sector to more accessible at the time we live now.