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Blockchain seems to be the word in every quarter of the world. Everyone seems to be talking about it and the many benefits it offers to different sectors. One sector blockchain can transform media and entertainment.
Over ten years ago, when Bitcoin was created, it was accompanied by blockchain technology. Though it is making waves in the digital world today, it's been around for a while. The idea of blockchain came to ensure a seamless flow of transactions for digital currency. However, we continue to see how blockchain technology is finding expression across different sectors of human engagement.
Blockchain is a technology that records digital transactions more transparently. Records entered as blocks on the blockchain cannot be altered by anyone. Every action is determined by the action preceding it.
Suppose you want to alter any information on the blockchain, the previous records before it is effected. The transparency and security of using blockchain to facilitate transactions make it the best option for cryptocurrencies.
Often, the cryptocurrency world is plagued with the many activities of hackers and crackers. These hackers and crackers keep trying to break into the firewalls of traders to scam them out of their digital coins. By leveraging blockchain technology, issues around the security of transactions have been minimized to the barest minimum.
The many benefits blockchain has to offer is what has made several sectors adopt it. One of the many sectors embracing the possibilities of blockchain technology is the media and entertainment industry.
This article examines how blockchain can transform the media and entertainment industry, making it better than what it is now.
To ensure better management of rights and royalties.
The issue of rights and royalties is an important one in the media industry. We often hear cases where artists and other media personalities find it difficult to claim rights to their content and work. One major factor responsible for this is the lack of a system that keeps track of different content and work. With this, it becomes challenging to identify who enjoys the rights and royalties of a particular work.
These challenges regarding rights and royalties in the media and entertainment industry can be addressed with blockchain technology. A database can be created for everyone in the industry that keeps track of their works.
Media personalities who know how blockchain works can request payments in cryptocurrency like Bitcoin, Ethereum, and dogecoin from anyone who wants to use their works.
To secure the reputation of media personalities.
The higher you go as a media personality, the more attention you need to pay to your reputation. At this point, you will discover that your reputation is more than your name; it is also goodwill. You're only loved and followed by people globally to the degree that your reputation is intact. Other media personalities know this, and that's why effort is always made to tarnish the reputation of popular media personalities.
The best solution to this is knowing how to separate the truth from the lies, where blockchain technology comes into play. Information that tries to rubbish the reputation of a media personality can be verified against those provided on the blockchain. When information is inconsistent with those available on the blockchain, it can be discarded, and the reputation of such a personality is secured.
To create better ways to monetize content.
The media and entertainment industry thrives on content, and that's why you hear people say that content is king. However, beyond having content, there is the need to monetize it. The blockchain comes with a lot of opportunities that players in this industry can monetize. One good example is creating content that promotes the use of blockchain in the entertainment industry.
It sounds like a side talk, but content creators can make a lot of money from providing such information.
Then, there is the place of data scientists or individuals who are skilled in working the blockchain. By entering content and preserving them on the blockchain, these individuals can make extra income. Income made from content can be used to buy dogecoin and invest in it.
To ensure content security and prevent plagiarism.
The issue of plagiarism is another issue that has been a major drawback of the media and entertainment industry. Owning your content is essential in a media world where everyone is trying to make a name for themselves. Using blockchain technology to record content against the identities of particular media personalities, it becomes difficult for anyone to plagiarize such content.
In the case of plagiarism, it can be quickly identified, allowing the original owner to take the right steps against the defaulter.
The media and entertainment world is one of creativity and innovation. However, we continue to see how a lack of transparency is limiting the growth of the industry. By adopting blockchain, content security can be assured, the reputation of media personalities can be protected, and more ways of monetizing content can be developed.