Applying Blockchain To Media And Entertainment

Blockchain is often associated with cryptocurrencies, but its use cases are not merely limited to just limited to a cryptocurrency exchange; rather, you will find umpteen uses of the same. Blockchain is a decentralized distributed ledger technology that aids in safe and secure data storage, making it easily accessible to the user. There are many use cases of Blockchain because of its multitude of features like provenance, transparency, data security and no third-party intervention. All these make Blockchain also benefits the media and entertainment industry. In this blog, we will discuss some of the popular use cases of Blockchain in the media and entertainment industry.

Uses of Blockchain:

1. Making micropayments- One of the first use cases of Blockchain is in ensuring micropayments. The most content creator makes their content available to the users behind subscription-based paywalls. Still, in this, they lose on the customers who may not be willing to take up the entire subscription, and they may be willing to pay a smaller fee for binge-watching or listening. In these cases, Blockchain-powered micropayments can become useful. With the help of Blockchain, one can record the data and ensure better tracking of how the copyrighted content is used.
2. Elimination of content aggregation- The next important application of Blockchain is in content aggregation. Blockchain allows the content creators to directly interact with the consumer by eliminating the involvement of third-party. Thus allowing the content creators to have better control over their content. This will be helpful for all the bloggers, musicians, video creators and others.
3. Royalty distribution- The royalty distribution process can become troublesome because of the complexities involved in it. For example, music streaming services are opaque. Every time a song is played, and the creator of music must be paid for it; issues arise because of the inaccuracy in the royalty distribution.
   Smart contracts can easily overcome this problem. These automated contracts ensure payment as soon as the music is streamed. This will create more transparency in the system. It will eliminate the need to have third-party involvement in the system.

4. Direct interaction with the consumer: Another best use of Blockchain in the media and entertainment industry can initiate direct interaction with the consumer. Since there is no third-party involved, both the interacting parties can interact without relying on the third-party. This peer-to-peer interaction makes the system far more transparent and secured. Moreover, it will ensure faster payment while making the entire process safe and secure.

What’s Next?

These were some of the use cases of Blockchain technology in the media and entertainment industry. In the times to come, we will witness a rise in the demand for Blockchain professionals who will help in the faster implementation of blockchain technology. If you are willing to make a career in this field, you must connect with the Blockchain Council. Here you can enroll for the best online Blockchain certification program and allied fields. For more information, connect with the Blockchain Council today.