Blockchain- A New Game Changer for Entertainment Industry

Blockchain technology can change the ways businesses work round the world. It might transform how agreements work, how safe voting can ensues, how the financial sector works and how the music is purchased in entertainment industry. All of these blockchain uses could be a game-changer for entertainment industry especially music industry. The entertainment industry has been in a state of constant chaos, its timeline marked with tumbling profits, piracy problems, lack of transparency, and arguments over the fair sharing of dividends.

A Virtual Safe Haven for Celebrities, Fans, and Developers

Several serious issues mentioned by entertainment industry experts originate from a few sources, but a main problem area falls within transparency and precision of ownership data, or metadata to be exact. Metadata in this situation is the basic information which is required to recognise who wrote, performed, and possesses the content or music people listen to every day. This records and its precision are important means to confirm that creators and owners get paid for their work when some use their music. A music track can be encoded through Blockchain technology which ensures that an exclusive record is created every time a song is played averting ‘ripping’ of the content.

Blockchain technology could also benefit in assisting a celebrity for obtaining the royalty payments which might currently go due. A different recording file might be established which carries blockchain technology about IP rights and payment requirements. Payments would be made to the celebrity at the time of purchase, allowing the celebrity to pay a fees on agreed terms to authors and the members of band at the time of purchasing. There will be no need to hold back for months or years to collect their royalty share. A smart contract might confirm that the song would not play if payment had not been transferred and, as blockchain technology works in real time, both the users and celebrities would get benefit instantly.

The blockchain technology also makes the process of micropayment cost effective. The current cryptocurrencies such as Ethereum and Bitcoin permit transactions as small as fractions of cents. It thus allow for penny price content purchase, such as streaming a single song. Blockchain technology will also help the celebrities, musicians, performers, and record labels to increase their revenues tokenising the sales process. This technology will also allow the fans to give final vote for the celebrity they want to listen. Final.Vote offers a transparent, fair and customisable celebrating voting system (https://final.vote). Blockchain technology aims to streamline the way fans and celebrities interact with each other. Celebrities can issue unique coins that can serves as the dual process of event tickets. These tokens can also be used by the fans to uplift rising celebrities by giving their final vote with their token (https://final.vote). They will also be also to vote for the content, purchase celebrity merchandise and content tickets. The future of entertainment industry of the 21st century is Blockchain technology, an innovation which can digitally support a dynamic and connected worldwide network of content producers, distributors and audiences.

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Created on Jun 14th 2018 02:21. Viewed 604 times.

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