Blockchain in the Entertainment industry, shall bring a new digital revolution for the artists around the globe.
Blockchain technology will disrupt the entertainment and media industries to the next level. It shall help solve the issues of unfair compensation for the artists and accurate distribution of the content. It shall create a systematic approach for digital rights management. Not just the media and entertainment sectors, but the sports, gaming and advertising industries would also achieve seamless digital progress throughout the globe.
Blockchain being run as a distributed , decentralized, immutable database technology, it would be easier to create a more transparent system, tracking the worthy royalties.
It would definitely help create a fair system for all the partners involved, along with elimination of unnecessary middlemen, like those involved in the conventional system.
Some of the major Issues in Entertainment sector in the conventional system
As the system is centralized and the artist can reach the audiences only through the centralized industries, a worthy share of profit does not reach the artist, along with creating an accessibility gap between the artist and the audience.
The absence of global records for the origin of artwork, generally creates the duplication of work without the consent, raising the Intellectual Property Right(IPR) issues.
Lack of audience engagement
Artists and audiences cannot directly gain a rapport as the entertainment pieces would always be stored in the centralized system or through companies providing those services.
Huge incur of unnecessary cost and time
Due to the various platforms that act as the middlemen and absence of a systematic data storage approach, a lot of unnecessary time and money gets involved, reducing the genuine profitability of the artists.
Entertainment industry comes with a huge amount of data to be stored through the internet. A centralized data storage is highly vulnerable and creates issues of copyrights and piracy.
Partners involved in Smart Contract for Entertainment
Blockchain based platforms will completely eliminate the need for a centralized system, thus creating a smart contract involving only essential participants.A smart contract for an entertainment industry based on blockchain would include participants like
Artists, Audience, Private/ Public stakeholders, Music companies, Gaming companies, Financers, Consultants, Media, Sports entertainment companies.
All the smart contract participants will automatically get triggered with respective activities, and the authorized consensus would be required for accomplishing any update on the blockchain.
A well distributed monetization would be executed creating a fair, transparent, reliable and immutable system.
How Blockchain can help overcome the issues and improvise the system
Easier Digital Rights management
Tracking provenance and possession of the original piece of art becomes easy, when the system is built on the blockchain. It helps manage the digital rights easily.
Digital currencies can be used for the micropayments through digital wallets without the use of credit or debit cards.The artists can be directly paid by the audience in many scenarios, eliminating the unfair distribution scheme.
Quick royalty tracking
In a blockchain based system, the royalties can be tracked easily, as all the information, current and historic, is shared on the database and a fair monetary distribution can happen.
Secure Virtual exchange
The gaming community can use blockchain technology for a secure virtual exchange between the participants, unlike vulnerable conventional systems.
It becomes highly difficult to duplicate the copyrighted artifact , as it is stored onto the blockchain based distributed database. Thus this revolutionary technology helps combat piracy issues.
Value addition to Media, Sports and Advertising sector
Blockchain technology would definitely be of a high value addition to the media, sports and advertising industries. It would help liberate the industries to function in more just and reliable ways.
Better Audience Engagement
The greatest achievement would be a creation of better audience engagement where the authorized audience has direct accessibility to the genuine content of their favourite artists.