Blockchain Technology and Its Importance in the Entertainment Industry

In the last decade, giant streaming platforms such as Youtube, Spotify, and Netflix, have taken over the entertainment industry by storm. And that particular industry is perfectly ripe for a revolution of blockchain technology. Because of how blockchain links to another, it can be a decentralized method to keep track of digital records, in which no one can tamper. 

Blockchain technology was initially developed as a support for cryptocurrencies used for financial transactions. The blockchain technology is showing promise as it proves itself beneficial for other industries aside from finance. This technology can offer advantages when it comes to providing people access to various content. Still, it could also be used to ensure that the content’s original creators are fairly compensated.

The Benefits of Blockchain

One of the most attractive benefits of blockchain technology is smart contracts, similar to those made possible due to the Ethereum blockchain. Cryptocurrencies’ introduction to the entertainment industry was a path to innovations, explorations, and solutions to numerous challenges that have lingered on for years. 

Even though blockchain is mostly with bitcoin and other forms of cryptocurrencies, it still can be used in various applications for businesses. Given the amount of excitement the technology could be put to use, even if it’s still in the early stages of development, it’s not too early for entertainment businesses to start adapting the knowledge of implicating blockchain to their business as a whole.

The Entertainment’s Future

Over the past century, the entertainment industry has grown exponentially. With that, the outcome is a status quo that has become established that many high-tier artists/creators and company executives make vast amounts of money. However, thanks to the entertainment industry’s innovative entrepreneurs, numerous advantages rose when various platforms implemented cryptocurrency. Let’s check it out!

Gaming

With the overwhelming advancement of technology in the past few years, various trends tend to emerge in the gaming industry. Eventually, it gets refined into a competitive sport for entertainment purposes. With the implementation of blockchain technology, gamers can now exchange virtual assets or collect rewards across all corners of the globe. As a result, the gaming industry has become a safe place to make money.

Music

Even though music is undeniably one of the most important forms of entertainment in the industry, recording media is still identified as outdated, especially in the modern age. They were resulting in various artists revolting their albums and contents. However, the main concerns are hacking and the intellectual property infringement of their original content. This is why entrepreneurs of the entertainment industry are turning to use blockchain technology to make the sharing of their content fairer.

Video Streaming

Crypto and blockchain technology are helping video streaming content step up to a whole new level. With the sudden rise of social media influencers, entrepreneurs are now asking how all these individuals will be monetized successfully. Blockchain technology creates a gateway for microtransactions and other forms to compensate for their content and the reduction of piracy.

Photography

One of the biggest concerns in the industry of photography is the theft of one’s original content. However, there are now platforms online that offer to store their stock images’ copyright information and licensing in their database using blockchain technology. There are already several entertainment industries that have begun their progress in crypto and blockchain technology as it provides content creators with a sigh of relief that their work and careers will be at risk.

The Importance of Blockchain Technology in the Entertainment Industry

In recent years, the internet has already started to change the way blockchain technology is used, allowing a much more comprehensive range for creators to find an audience. However, some issues exist or big problems come up occasionally, such as highly volatile cryptocurrency and can diminish your potential profits. Ultimately, using blockchain technology effectively can make a massive difference in the entertainment industry, making it more unbiased and fair. If you consider the music industry it has changed a lot, now musicians can use Spotify to stream their content in front of the public and listeners can have subscriptions to get more Spotify plays & streams as they wish. 

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