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Entertainment

Field of Media is one of the biggest and still-dormant use cases for blockchain technology

CURRENT PROBLEMS

Traditional business models used in the creative field of media has been upturned by rapid digital file replication.

Artists lack the ability to safeguard and prove ownership of their works, making monetization in a digital environment difficult.

Using traditional infrastructure requires weeks before artist gets paid and has high costs associated with it in the form of hidden fees.

The media industry has made attempts to solve some of these problems in the past, however, their value propositions did not extend far enough. Centralized nature of media applications cause problems for music creators that include loss of revenue from advertising, non-portable reputation and lack of transparency into news feed algorithms.

Decentralization is the solution to all of these issues…

BLOCKCHAIN SOLUTION

 

Artists could publish a cryptographic hash of ownership information of the digital music file, on the blockchain. Additionally, the blockchain could also have a smart contract, which contains the instructions, and terms about the way artists would be compensated for their music. Thus, instant and automatic payments will be made to the concerned stakeholders, eliminating the need for middlemen and bringing complete transparency to the network.

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ADVANTAGES

Enhanced Transparency

Ability to Receive Micropayments

No Loss of Identity

Greater Level of Fairness

Provenance

Increased Profitability