Blockchain has been a buzzword for the past two years. There is a lot of fuss regarding this technology and every business owner might have heard about it a lot. Large corporations like Google have started inclining towards building a related technology. Blockchain has brought a stir in the media and entertainment industry and every business owner is concerned about how it would impact them. However, blockchain is not new. If you have heard of bitcoin, you have heard of blockchain as well. Bitcoin is a blockchain model.
Blockchain is a unique technology that allows the storage of information in a secure manner. You can make transactions and perform various functions using blockchain. A blockchain is a list of records known as blocks which are linked through cryptography. Every block contains a cryptographic hash of the previous block and transaction data. Once the data is stored, it is not possible to modify the same.
Advantages for the media industry
Here are a few advantages of the technology on the media industry.
- Ease and convenience of payment: When you use blockchain for enabling payment, you will only be required to enter the details once and the same can later be distributed over nodes if need be.
- Low cost of transactions: Since the third parties will be removed from managing the transactions and keeping records, the overall cost of transaction will decline for the organization.
- Obtain data security: In blockchain, the transfer of data is carried out through a network of servers which makes it highly secure for the exchange of information. There is a high level of data integrity and security.
- Open source platform: The platform allows anyone to make live transactions. However, each individual should have Blockchain for the same.
Impact on the media industry
By 2020, Blockchain will reduce a number of security efforts for the enterprises with regard to the validation and verification for media industry. It will provide a decentralized ledger system for the industry to ensure that the transactions cannot be faked and that they remain encrypted. There are many reasons why blockchain is perfect for the media industry and the same is discussed below:
Digital advertising: The ledger system is transparent and it makes it possible to enhance digital advertising. Since the information is encrypted, there are minimal chances for frauds. With this technology, you can ensure that the data remains protected because of the added security and it will make it more trustworthy. In the past, it took a lot of time to know consumer details like age and earnings. With the use of blockchain, marketers can build their consumer profile based on the details entered. If you want to know how the industry can use blockchain for its benefits, bitcoin broker will provide you specific details regarding the same.
Distribution mechanism: A major target for all media industries is the digital rights expression. Blockchain makes it easier to handle the problem of piracy and provides frictionless monetization of the content which helps build a legal distribution system.
Real time data analysis: Blockchain will ensure that all the transactions are carried out in an institution and it can provide a way for the industries to keep a track of all the affairs in real time.
Royalties: Blockchain can help achieve sales transparency for the folks in the media industry. Instead of going through a number of intermediaries, it is possible to receive royalty payment immediately. The large chunk of royalty will not be eaten up by the third parties anymore.
Monetization of micro content: Any payment in blockchain can be divided into small parts. Customers can divide the payments based on the size of content they need to use. This will make it easier for the customers to consume data and for organizations and content creators to share the same.
There is no denying the fact that blockchain is here to stay and will make a huge impact on every industry in the coming years. It has transformed the digital industry to some extent and will continue to do so in the future. It will bring about better transparency, security and trust amongst the organizations in the industry and with the customers who are interacting with the organizations. If you are not using blockchain for your business, now is the time to adopt the same and take your business to its potential.