The Blockchain Disruptions: Entertainment World Is Set For The Revolutionary Power of the Blockchain





For decades we have had the entertainment industry being governed by distribution studios, publishers, and companies. And frankly, you can agree with me that the industry hasn't been as much satisfying to the artists, customers, or the investors.

Given the fact that artists rely on the industry to earn a living, then it's time to change to a more reliable system.

Artists are in the need of new and alternative solutions where their rights aren't exploited. A system free from the boundaries and limits of the old business models. Could the Blockchain technology be a solution?

Indeed, Blockchain technology has the ability to revolutionize the distribution of entertainment while eradicating the various problems faced by the entertainment industry such as piracy.

Already, Blockchain revolution has brought great impact to a wide range of industries including finance and banking, healthcare, tourism, and education among others.

 So, what is blockchain technology place in the entertainment industry? Read on to find out how Blockchain adoption can influence the entertainment industry.

Disintermediation
Blockchain technology is a decentralized peer-to-peer ledger. 

With Blockchain in the entertainment industry, artists can easily and directly connect with their audience. Usually, there several intermediaries between an artist and the audience.

 Each of these intermediaries takes their own cut in the process while the leftover is passed to the artists.

But, almost all industries rely on mediators to easily and efficiently connect with their customers, and so does the entertainment industry. But Blockchain can bring about a system where intermediaries wouldn't exploit the artist.

Besides Blockchain solutions connecting artists directly to their customers, other Blockchain projects such as Contents Protocol has developed a peer-to-peer network that aims at connecting studios, developers and publishers to distribute and monetize content together to the end users.

Eradicating Piracy

 

For decades, piracy has been a pain in the neck, especially in the entertainment sector. But with Blockchain-enabled systems, the industry can be able to eliminate issues of piracy by coming up with piracy protection systems.
These systems can make use of public keys to allow the artists to share their digital assets with their fans. 

Although Bitcoin can't entirely solve the issue of piracy, it can reduce its extent and effects.

Collaboration using smart contracts


The entertainment industry is based on collaboration and in most cases, remote outsourcing teams is required. 
However, it's challenging to find the right team to manage the process. The implementation of smart contracts can perfect these problems.

By setting up smart contracts, distribution companies and publishers can find artists from all over the world, while easily tracking their contributions and paying their wages. 
Blockchain-based projects seeking to implement this idea include Qravity and Bounties Network.

Copyright and Ownership Provenance

Generally, the process of establishing and protecting copyright in the entertainment industry is far way more complex and expensive. 

For instance, a movie can have several rights and titles associated with it including trademarks, design creations, and screenplays.
But with Blockchain technology in place, it can help to solve the issue of copyright.

 A Blockchain-based system will record safely every transaction that has been carried out on any particular asset.

Once the information has been recorded, it can then be tracked transparently and also since Blockchain is tamper-free, the information recorded can't be changed. This guarantees the security of the artist's copyright and other information.

We have Blockchain-based project hoping to solve the issue of copyright by securing entertainment-related assets. Veredictum is one; it has a system where artists can put scripts on their Blockchain.


Blockchain technology projects in the entertainment industry


Already a few Blockchain-based projects have taken roots and are looking to disrupt how the entertainment industry has been running.

     CEEK

CEEK is based in Florida. It's developers designed CEEK with an aim to create a virtual reality platform with access to live performances. Artists, educators, and other performance creators will use this platform to reach new audiences online.

So, in case the tickets to your favorite show sell out, the CEEK platform will allow you to attend the show in virtual reality right at the comfort of your home. 
CEEK platform is expected to use a digital currency payment platform and smart contracts to enable customers to enjoy the direct performance while making direct payments to their artists.

CEEK is among the first Blockchain projects in the entertainment industry, but as time goes by, we expect to see more new contenders in the space.

     SteamSpace

SteamSpace is another startup company aimed at vying for artists to customer space. SteamSpace is designed to connect filmmakers to their customers on a decentralized storage platform while using Blockchain-based networks to share their content.

Even with streaming platforms such as Netflix and Amazon, it's still challenging for independent film artists to connect with the right market and earn revenue. 

SteamSpace seeks to solve this problem by using Blockchain platforms and digital currency to give artists an easy time to connect with their fans. 

Additionally, this project will help artists to raise funds more easily using digital coins and micro-payments. SteamSpace uses a scalable decentralized distribution system to target a wider audience.

Final words

A better solution is what is needed in the entertainment industry to maintain and promote a viable artistic community- a solution that works for all entities including artists, content creators, and customers.

Blockchain technology can be a game changer in the entertainment industry as it has been in other sectors. 

It's therefore crucial for the industry to evaluate the use of Blockchain enabled systems and implement ways on how to take advantage of the technology. 

In fact, Blockchain technology investment is among the most popular and returning investment on the market today.







Image by phys.org/existek.com

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