Blockchain Technology – A New Transformation in Media & Entertainment Industry

At present, multiple industries are embracing blockchain technology in a wide range of fields which includes healthcare, logistics, automotive, retail, finance, and many more. Blockchain increases trust, transparency, security, and the traceability of data shared across a business network. Blockchain for many businesses uses a shared and immutable ledger which can only be accessed by members with permission.

There are many uses of blockchain in various fields, but how is it changing the media and entertainment? In this article, we will be going to discuss Blockchain in Media & Entertainment deeply.

The media and entertainment (M&E) industry is also standing in the queue to garner significant advantages from blockchain technology. The main attributes of blockchain’s shared ledger approach can help offer a high level of transparency, efficiency, speed, security, and control across the media supply chain for all spots in a transaction process. Basically, it is essential in the delivery, consumption, and payment of media content and advertising.

In addition to it, the Blockchain Development for Media & Entertainment can also help curtail ad fraud like clicks made by bots instead of humans as well as copyright infringement. The Media & Entertainment companies which start creating a blockchain solution now have the complete potential to get a step ahead of their competitors.

Do you know that – Wemade Hosts WEMIX Airdrop Event to celebrate the Global Launch of MIR M! Blockchain is doing wonders in the entertainment industry? WEMIX PLAY is the number 1 blockchain gaming platform built by Wemade. They have recently hosted a WEMIX airdrop event until February 28th.

There are many problems in the entertainment industry which mainly include:

These difficulties faced by the entertainment industry can be easily solved with the help of blockchain.

Blockchain Technology – Redesign The Media Supply Chain

Blockchain creates the capability to revolutionize how media content – music, video, and another kind of entertainment is delivered, consumed, and paid for. The presently used systems were not designed to handle complicated, personalized content, and service bundles. It is highly challenging in present digital ecosystems to manage digital rights, royalty collections, and transactions among various intermediaries. Thus, blockchain technology could execute accountability in M&E.

Did you know that one of the greatest problems in entertainment is ownership and rights management over content? The discomfort of tracking who owns what across audio, visual, and written content has created many lawsuits as well as payment disputes. Blockchain for Entertainment Industry promises a perfect way to track IP across many channels. With this highly advanced technology, IP (intellectual property) rights can be properly tracked, as well as digital rights management companies can easily access the record of transactions made.

Have you heard the news that – Sundance Film Festival wholeheartedly welcomes blockchain and crypto film initiatives? The Film festivals have seen a great rise in blockchain and crypto-funded film projects and initiatives as Web3 technologies pursue collaboration with the entertainment industry.

When people think of technology in media, their first thoughts are probably revolving around digital platforms. Nowadays leading innovations like Blockchain in Media are enabling media companies to take this a step further by bringing even more compelling content to audiences.

For example, it may also reduce copyright infringements in music streaming where publishers, as well as songwriters, are regularly grumbling music streaming providers like Spotify, Napster, and Pandora for not paying all they are entitled to.

How is decentralized video streaming advantageous?

As we all know Blockchain technology works as a peer-to-peer (P2P) network, thus abolishing any central authority. Peer-to-peer network offers extensive features that do not focus on one single server but work by distributing the media content. However, video content curators benefit from the decentralized mechanism of blockchain as they directly deliver the video content to their audience without any central server.

Video streaming is quite better when done on a decentralized platform because it uses a P2P structure. Therefore, the probability that one stream can split and get scattered with a P2P network, is higher. It happens as the replication rate of the video streaming is much greater in P2P than it is in the client-server CDN structure. The creators and audience have access to join the blockchain network without any central server.

Video streaming based on blockchain aids content curators in acquiring direct access to the earnings generated via the blockchain platform. In addition to it, content creators can also use Blockchain in Media & Entertainment to securely encrypt their video storage.

Summing Up

Nowadays the interest of businesses is growing in blockchain technology. Thus, there is a significant rise in the use of blockchain in entertainment, which changes how content is produced, distributed, consumed, and analyzed. Undoubtedly, Blockchain in Media is already doing wonders but it will also have great scope in other fields as well.

The potential applications of blockchain technology in media and entertainment are enormous. Now it’s the perfect time to start thinking about the benefits of blockchain implementation in media and entertainment now.

Antier tech experts would love to hear from you if you want  Blockchain solutions for Entertainment Industry. We will try our level best to help you. Let’s talk!