How Blockchain is Transforming Media and Entertainment

Blockchain technology has caught the attention across various sectors, from finance and healthcare to automotive and retail. But what do blockchain solutions mean for the media and entertainment industries? What benefits would blockchain bring to current media value chains, systems, and costs? Can it aid in the development of new services and ways to raise more revenue?

Blockchain technology has the potential to help the media and entertainment (M&E) industry significantly. For instance, businesses are exploring blockchain development for streaming services. The core characteristics of blockchain’s shared ledger approach can establish transparency, trust, reliability, speed, protection, and control at all points in a transaction process across the media supply chain.

Media and Blockchain

Blockchain can change how media content distribution, consumption, and payment for music, video, and other means happen. Customized multi-content service packages are beyond the capabilities of current systems. Managing digital rights, royalty collections, and transactions among various intermediaries is extremely difficult in today’s digital ecosystems.

Blockchain’s Notable Development Elements

• Shared Ledger
• Smart contract
• Privacy
• Trust 
• Transparency

Applications of Blockchain Technology in Media and Entertainment

Advertisers, publishers, and agencies are among the participants in M&E business networks with cross-geographic and regulatory boundaries, and their partnerships have become increasingly complex. An exponential flow of transactions and contracts for goods and services through these networks generates value. The sheer scale of operation necessitates greater accountability and confidence. They are crucial for establishing new standards for data exchange and access permissions and calculating costs and benefits.

Blockchain-based Process

Consider the same network, but this time with blockchain, as seen in the following figure. Via peer-to-peer replication, the blockchain architecture enables users to access a shared and updated ledger in real-time any time a transaction occurs. Cryptography further ensures that only the parts of the database that are important to them are visible to network users. Also, it validates that transactions are trustworthy, authentic, and verifiable.

Blockchain Use Case in the Media and Entertainment Industry

• Improving the media supply chain’s processes
• Developing blockchain-based applications and revenue streams

Conclusion

Blockchain in media and entertainment industry can change how media content distribution, consumption, and payment for music, video, and other means happen. Customized multi-content service packages are beyond the capabilities of current systems. Managing digital rights, royalty collections, and transactions among various intermediaries is extremely difficult in today’s digital ecosystems. Blockchain technology can track the lifecycle of any asset, and thereby reduce piracy of intellectual property, protect digital content, and facilitate the distribution of authentic digital collectibles.