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Applying Blockchain To Media And Entertainment

Blockchain is often associated with cryptocurrencies, but its use cases are not merely limited to just limited to a cryptocurrency exchange; rather, you will find umpteen uses of the same. Blockchain is a decentralized distributed ledger technology that aids in safe and secure data storage, making it easily accessible to the user. There are many use cases of Blockchain because of its multitude of features like provenance, transparency, data security and no third-party intervention. All these make Blockchain also benefits the media and entertainment industry.

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Applying Blockchain To Media And Entertainment

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  1. Applying Blockchain To Media And Entertainment Blockchain is often synonymous with cryptocurrencies, but its use cases are not limited solely to the exchange of cryptocurrencies; instead, there are countless applications of the same. Blockchain is a distributed, decentralized ledger technology that helps to store data in a safe and secure way, making it freely available to the user. Due to its multitude of features such as provenance, transparency, data protection and no interference by third parties, there are many use cases of Blockchain. All this helps the media and entertainment industry benefit from Blockchain as well. We will address some of Blockchain's common use cases in the media and entertainment industry in this article.

  2. Blockchain Uses: Make micropayments- One of Blockchain's first use cases is to ensure micropayments. Behind subscription-based paywalls, most content owners make their content open to consumers. Nevertheless, in this, they lose on consumers who may not be prepared to take up the whole subscription, and they may be prepared to pay a lower binge-watching or listening fee. Blockchain-powered micropayments may become useful in these instances. With the assistance of Blockchain, the data can be registered and how the copyrighted material is used can be better monitored.

  3. Elimination of Content Aggregation- Content aggregation is the next major application of Blockchain. By removing third-party interference, Blockchain allows content creators to communicate directly with the user. That enables the creators of content to have greater control over their content. Both writers, artists, video producers and others can find this helpful.Royalty distribution- Due to the complexities involved in it, the royalty distribution process can become problematic. Music streaming platforms are opaque, for instance. Each time a song is performed, it must be paid for by the music creator; difficulties occur because of the inaccuracy in the allocation of royalties.

  4. This issue can easily be solved by smart contracts. As soon as the music is streamed, these automated contracts guarantee payment. In the method, this would create more accountability. The need to include third-party input in the system would be removed.Direct interaction with the user- Direct interaction with the consumer can be initiated by the best use of Blockchain in the media and entertainment industry. Since there is no third party involved, without depending on the third party, the two interacting parties will communicate. This interaction between peers makes the system much more transparent and stable. In addition, by keeping the whole process secure and reliable, it will ensure quicker payment.

  5. And What Is Next? These were some of the use cases for the media and entertainment business of Blockchain technology. We will see an increase in demand for Blockchain professionals in the times to come that will assist in the quicker adoption of blockchain technology. You need to contact the Blockchain Council if you are willing to pursue a career in this area. Here you can enrol for the best online Blockchain certification program and allied fields. For more information, connect with the Blockchain Council today.

  6. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. • Certified Blockchain Expert • Certified Blockchain Developer • Certified Smart Contract Developer • Certified Solidity Developer • Certified Ethereum Developer

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