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Does Blockchain Can Help Solve the Afflictions of the Media?

Media and entertainment isn’t quite the industry we think of when it comes to blockchain. Often misunderstood and mistakenly used interchangeably, blockchain has gained both popularity and notoriety due to its association with the ever-controversial bitcoin. 


Blockchain is a highly secure, decentralized database system that stores records of data in a cryptographic format. Unlike normal databases, the data created by users (transactions) are not stored in a central location. Instead, they are stored on machines or systems of the people who create the data. Here are several challenges that blockchain can help resolve: 


*Intellectual property infringements (aka data/content piracy);

*A lower share of revenue due to intermediaries;

*Lack of clarity and transparency with royalty agreements;

*Slow and unsecured transactions, especially financial, and

*Inefficiencies of existing content micropayment systems


Blockchain can help and allow creators to secure and track their content by verified users, paying consumers and analyzing distribution patterns due to its transparency. DRM Software is secure. Smart contacts that are built on Blockchain would be facilitating the accuracy, speed and trust of the royalty system. Overall blockchain technology allows creators and media companies access to more equitable revenue instead of intermediaries.

 

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