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 which 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 the 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.
Blockchain is not a new technology but rather a modified one.
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.
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:
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.
There are several factors on which blockchain is transforming the media and entertainment industry and some of them are explained below:
These were some of the important factors that are contributing to this evolution of entertainment and media industry with the 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 the blockchain technology applications then head over to the ‘Blockchain’ section of MobileAppDaily.
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