Blockchain has massive use cases in the entertainment industry

Companies can use blockchain to track and trace digital information, such as video content, and calculate how much royalty should be paid. As a result, blockchain has significant potential use cases in the entertainment industry.

The idea that blockchain could significantly reduce piracy rates by ensuring copyright enforcement across borders and providing an accurate registry for IP ownership is hard to ignore for the entertainment industry. It is especially true for content that generates considerable revenue through advertising. You can start your trading journey by using the most recommended trading platform like Qumas AI.

Piracy:

Anti-piracy has long been a notoriously difficult task, both technically and economically. Regardless of the quality or effectiveness of any anti-piracy system, there will always be those who intentionally try to get around it to make a quick buck by distributing pirated content. A self-sustaining ecosystem consisting of simple blockchain solutions can provide a secure business model. However, the current blockchain industry has yet to groom an anti-piracy protection solution capable of keeping up with the rapidly evolving market conditions.

As a result, there will always be room for piracy. For example, it is rumored that Chinese people have been using VPNs to watch American Netflix in China even before the service was officially available. It is not an isolated case. Market uptake of blockchain technology is creating new opportunities and opening new doors for more significant usage, which will inevitably lead to more content availability and cheaper access to content. With the lower cost barriers to content access, some consumers may opt to spend a small portion of their budget on pirated content. This situation might undermine the actual value of original content and hurt its reputation.

However, people can use blockchain to eliminate theft or piracy. In that case, it will not only help protect the interests of IP owners but also provide a secure business model for people interested in creating and distributing content. It is important to note that blockchain applies not only to digital videos but to any digital content that has value, which is an increasingly large part of our economy today. As previously mentioned, blockchain technology can be used by companies in tracking and tracing digital information such as video content and calculating how much royalty should be paid out.`

Content Distribution:

The blockchain industry is still in its developmental phase. Many of the known blockchain solutions are still under development or in the proof of concept stage, yet they have caught a lot of attention, and some people have already started to look into various projects.

However, when one looks at the adoption rate of new technology, it is common to see a lag between when people start talking about it and when they start using it. For example, a survey found that only 1% of enterprises have implemented blockchain technology, although 95% were aware of its existence.

The awareness and understanding of blockchain are higher than ever due to the amount of investment funding and research behind it. However, actual usage still needs to improve compared to the expectation. Content distribution has a lot of potential, but how long will it take for blockchain to make an impact?

Blockchain technology is still in its infancy, and industry growth will be an outcome that is achieved by companies working together. Through close cooperation with blockchain startups and platforms, content owners can speed up adoption.

Among other strategies, content owners can provide blockchain solutions for the two areas mentioned below: anti-piracy protection and digital media distribution. Unfortunately, the current immature state of blockchain solutions has resulted in prices high enough to attract some people with questionable intentions while not providing enough capabilities to protect IP rights or reduce piracy rates adequately.

Broadcasting Rights with blockchain:

Several broadcasting rights issues have been raised recently. For example, right holders face copyright infringement in digital media distribution, threatening their future revenue streams. However, it can be solved by people with blockchain technology, where broadcasters can sell digital content rights on one blockchain platform. Then they can use another platform to provide access to content across different distributors and markets. This strategy removes the need for publishers and distributors to establish and maintain an extensive network of global alliances.

Another interesting use case is related to the tech industry and entertainment industry. For example, the music industry is currently facing a problem in distributing songs that are not only intellectual property but also classified as intangible assets.

Content creators can gain a lot from the blockchain:

One of the most exciting features of blockchain technology is that it allows users to profit from content they have already created or contributed to without the need for remuneration from copyright owners. It is a beneficial tool for content creators and an essential step toward fair compensation for creative individuals. Not only are IP rights owners such as musicians and movie directors at a disadvantage in generating revenue through their works, but other people can also appropriate their creative output due to a lack of proper digital rights management. It helps level the playing field, allowing anyone in the blockchain ecosystem to benefit from their work.