What applications are there for blockchain in the media and entertainment industry?
Many entertainment and media companies are trying to ride the blockchain wave in order to raise more funds. Simply put, the blockchain technology enables a decentralized digital marketplace and ensures transparent transactions.
In the entertainment and media context, blockchain will help with disintermediation, distribution, and royalties. For instance, live streaming hosts will be able to connect with fans without any intermediaries. The gaming industry has been the first in entertainment and media to integrate blockchain technology, with Ethereum-based game “CryptoKitties” being one of the most popular games. Despite its popularity, It is still uncertain how successfully blockchain technology can be implemented in entertainment and media and how much government interference there will be.
Blockchain technology may provide several important features that could be leveraged for use in the creative economy:
- Transactions are verified and approved by consensus among participants in the network, making fraud more difficult.
- The full chronology of events (for example, transactions) that take place are tracked, allowing anyone to trace or audit prior transactions.
- The technology operates on a distributed, rather than centralized, platform, with each participant having access to exactly the same ledger records, allowing participants to enter or leave at will and providing resilience against attacks.
What are your thoughts?