Bitcoin has come to the limelight in the past few years. The crypto market is ever-expanding with new cryptocurrencies being added to circulation every day. This is the reason tycoons like Elon Musk and financial institutions like PayPal or JP Morgan have invested in cryptocurrency to make transactions much more efficient. After all, the value of currencies depends on their circulation. And it is due to the blockchain technology that cryptocurrency is redefining transactions. Does blockchain technology have other applications as well? Let us find out how blockchain can aid the structure of the entertainment industry.
What is the impact?
Blockchain was a technological innovation conceptualized toward the end of the 20th century. The purpose of the blockchain was to track the circulation of any asset. The blockchain technology would allow the registration of accurate information regarding the location of the asset which is being tracked. Thus the purpose of this technology would enhance asset management by adding more security and accountability to it.
The blockchain technology allows the maintenance of a very accurate ledger that records every transaction of every Bitcoin that is in circulation. The blockchain also works on smart contract technology and is highly encrypted, which means it’s impossible to alter the record of the blocks.
Digital Assets of Entertainment Industry
Today, almost the majority of the entertainment industry is dealing with digital assets. The American industry is worth more than 700 billion USD. There’s a proliferation of online content in streaming applications, on-demand video services. Almost all the players in the entertainment industry rely on their content library for the generation of revenues. And due to the current pandemic situation, the OTT platforms, streaming services, and other app-based services are the primary conduit that is making entertainment accessible to us in our homes.
What safeguards the revenues of these products are the strict Intellectual property laws that ensure that the producers can earn the remuneration for the products they are creating for the general audience. However, piracy and illegal circulation disrupt the circle of content distribution and production. Several illegal sites make illegitimate copies of Music, videos, games, and other digital products for circulation. This brings down the potential revenue of the entertainment industry.
How can digital assets be safe?
- With blockchain technology, digital assets can be integrated into a secure circuit of safe circulation. Each product will have its unique ids. The products can only be accessed through a verification of the product’s unique id from a device. This will allow the content creator to maintain track of every copy of the product that is in circulation, similar to crypto tokens.
- It would be virtually impossible to access any illegitimate copies of the products because they’ll be unregistered. The blockchain would not identify a pirated copy, as it won’t have a registered id signature. If the circulation and exhibition of entertainment products are safeguarded by similar contracts, where a blockchain verification would be mandatory for any user accessing a particular content, piracy and illegitimate circulation can be virtually eradicated.
- The use of blockchain technology in the entertainment industry will thus prevent copyright infringement, and make distribution and circulation more secure. The use of blockchain would ensure that the content creators receive the value they deserve for the effort they put into the creation of content.
- Not only in the entertainment industry but there are also various real work applications of blockchain in real-world scenarios. Blockchain is indispensable when it comes to digital asset management. This technology is used in defense for the secure storage of data and weapon inventory. Blockchain can be used in online websites as a measure against identity theft.
There are possible blockchain applications in medical institutions that can ensure efficient circulation of Medical equipment and drugs across a large area.
Blockchain is a very crucial technology in the digital world, that has the potential to make circulation safe and secure, and more accountable. It is to be seen whether these potential applications will actually be realized for the betterment of the world we inhabit. To understand the world of crypto better, you can visit websites such as Bot which provides you with an updated catalog on new cryptocurrencies and their functionalities.