In simple words, one can say that blockchain is a virtual diary consisting of different entries and each entry consists of an information record stored in it. This stored information in blockchain is almost impossible to be forged, which makes it highly valuable.
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Many people even discuss the similarity in concepts of blockchain and Wikipedia, as data is stored on both of these platforms which are then managed by a community of users. And this community is responsible for updating and modifying the store information on the platform.
The concept of blockchain technology doesn't end here, it has several layers to it that are being uncovered one by one. And today in this article itself, we will be sharing our insights related to one of the latest endeavors of blockchain technology i.e. the role of blockchain in media and entertainment.
Because of the advanced and highly strategic objectives of the blockchain technology, the majority of different industry verticals are implementing this technology to expand their market share. Since the beginning of the year 2017, industries including the media, entertainment, and telecom businesses have started to heavily apply the technology of blockchain in their operations.
The Media and Entertainment industries are always known to stay a step ahead and these industries are doing so again, by creating new possibilities with blockchain's edge-cutting technology. There was a time when people were entertaining themselves with mute black and white movies and now even our games have become three dimensional.
Today, Music and Video streaming are two of the most common form of entertainment and media, that hundreds of thousands of people rely on a daily basis. The real catch here is the change in the method of delivering content as well as the compensation methods for companies and artists.
Video Streaming Services
Do you watch Netflix and Chill?
At this very moment, video streaming services like Netflix, YouTube, and Amazon Prime are the three most popular names in the media and entertainment industry. But in the coming years, this will change as blockchain video streaming services will take over. The artist compensations on these platforms will act as a crucial factor in the adoption of blockchain solutions for video streaming platforms.
There are several video streaming blockchain projects available for public use in the market but it's just a matter of popularity before they will take of other video streaming services like YouTube. For example, five years back people barely knew about what blockchain technology actually was. And since bitcoin became viral, the majority of people came to know about blockchain and its concept regarding cryptocurrencies i.e. Bitcoin.
Some of the existing blockchain video streaming services are:
- Livepeer: Livepeer operates on ethereum blockchain which mainly aims to democratize a live video via peer-to-peer decentralized technology. Here, the user can participate in the live peer network by using LPT cryptocurrency that stands for Livepeer Token.
- YouNow: The video streaming platform, YouNow is also similar to Livepeer but it’s best suited for services like video chat and live broadcasts.
- Viuly: Viuly is another video-sharing platform based on the concept of an open-source Ethereum blockchain smart contract. But on this platform, the artists are paid for their content contribution to the platform. In viuly, the video content is built over the IPFS protocol and is also decentralized.
Music Streaming Services
What is the music streaming service that is your partner in crime during long car rides or during the time you are laying in bed just chillin'?
In my case, SoundCloud is the music streaming service that I rely on. But looking at the progress of blockchain in entertainment and media, especially as music streaming platforms, I think I would have to switch my music streaming service soon.
Ethereum Opus is a blockchain based platform for the sole purpose of streaming music which even guarantees the artists to receive compensation forever with a contract that does not expire ever. At Ethereum Opus, the artist can directly list their songs with the playlist and then decide an appropriate price for it.
Once the prices are set then this music streaming service uses the ethereum blockchain to further transact the business by using the IPFS for storing of files. With this, the IPFS seeks to improve the web's HTTP protocol through the peer-to-peer decentralized technology.
Another example of a blockchain music streaming platform is Ujo, this music streaming service is similar to Ethereum Opus up to some extent. The platform of Ujo implements the blockchain technology for automating the royalty payments using blockchain-based cryptocurrencies and smart contracts. This entertainment service also uses the blockchain technology to provide transparency to the user's details to protect the rights of the owners of the content.
Transformation of Entertainment Industry
There are several factors on which blockchain is transforming the media and entertainment industry and some of them are explained below:
- Transparency: One of the best things about blockchain technology is the transparency that it offered by blockchain, as all the transactions on the blockchain are visible to its participants with ultimately increases the user's trust.
- Immunity: The blockchain technology is highly immune because it is almost impossible to make changes in a blockchain transaction without being detected. This factor also helps in minimizing the chances of online fraud.
- Digitalization: Each and every asset/document can be easily expressed in the form of code in blockchain technology. This code can also be referenced or encapsulated by a ledger entry which also expands its range of applications in different fields.
- Reliability: As you might already know by know that many people can share a blockchain that's why it doesn't entertain the idea of having a single point of failure. Blockchain was designed in such a way that it can resilient when a large number of attacks happen during a short period of time.
- Availability: Because a huge community of users can share a blockchain, there arises no issue regarding the availability. So, even if any node of a user fails, the other users will still be able to continue the operation.
- Accuracy: The transactions in blockchain technology can be turned into irrevocable transactions. Due to this irrevocable nature of blockchain transactions, the entire process becomes more simplified and accurate.
These were some of the important factors that are contributing to this evolution of the entertainment and media industry with blockchain technology. There’s no denying the fact that in the coming years, blockchain technology will basically become the foundation of the entertainment industry.
We really hope that you appreciate these valuable insights related to the role of blockchain in the entertainment industry. And if you want to read more about blockchain technology and blockchain application development, then head over to the ‘Blockchain’ section of MobileAppDaily.
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By Sakshi Kaushik
Content Writer
A passionate writer and tech lover, she strives to share her expertise with mobile app developers and fellow tech enthusiasts. During her moments away from the keyboard, she relishes delving into thriller narratives, immersing herself in diverse realms.
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