How Blockchain Technology Solves Some of the Challenges that Faces the Arts and Entertainment Industry
Immunity to data loss is one of the main benefits of blockchain. Blockchain technology is decentralized which means that there is no single point of failure as there are many nodes that are connected to each other. Even if one node fails, there are other nodes that holds the network.
Better Security is another solution that blockchain technology brings to the arts and entertainment industry. Blockchain is a very secure technology that is very difficult for hackers to hack. Blockchain uses advanced encryption methods to secure the network which makes it extremely difficult to be hacked. Also, miners and validators secure the network by validating transactions and adding new block on the blockchain.
Privacy is one of the benefits of blockchain technology. In blockchain, there are encryption methods that are used to secure the network and provide privacy to data. With this, any data and information that is sent and received can be encrypted and would need the correct key to be decrypted.
Immutability of data is another solution to the that blockchain technology provides for the arts and entertainment industry. One of the main problems of arts and entertainment industry is that data that is stored on centralized servers can be altered. With blockchain technology, devices can send and receive data and the data will be Immutable.
Cost reduction is also another is another solution of blockchain technology to solve high cost issues relating to arts and entertainment industry and centralized servers. Blockchain technology helps reduces the cost since the workload is carried out by decentralized nodes in the network.
Transparency - One of the characteristics of Blockchain technology is that it allows for transparency. One of the issues of arts and entertainment industry is that there is a possibility of data manipulation due to centralized entities. Blockchain solves this because certain data and details are transparent and available for anyone to have access to, meaning that manipulation will be impossible.